Shari Redstone Talks About Media Pay For Execs

Shari Redstone

Shari Redstone, the ViacomCBS heiress, thinks the media industry has a poor “track record” when it comes to paying its executives, reports The NYPost.

“I believe that it should be performance-based,” Redstone told a crowd at a media conference in Manhattan Friday.

“The media industry does not have a good track record of doing that in the past, and I hope to lead that charge going forward,” she said.

Redstone gave the remarks just days after it emerged that acting CBS Chief Executive Joe Ianniello will be getting $100 million for not being named head of to-be-merged ViacomCBS — despite remaining head of the network.

Ianniello, who will grab the reins as chairman and CEO of CBS after it merges with Viacom, was promised $70 million in severance if he was not named head of ViacomCBS. That payment deal was made well before the companies agreed to join forces in August in a long-anticipated deal.

The sum has since been juiced by a $10 million payment to extend his CBS contract in June, plus $20 million in stock in the newly combined firm.

Redstone on Friday appeared to be saying Ianniello’s pay package will not be replicated.

“In terms of executive compensation, I can only say that ViacomCBS is going to be fully aligned with the interest of all of our stakeholders,” Redstone told the crowd at the event hosted by the Paley Center for Media.

Redstone, who will serve as vice chair of ViacomCBS when the two companies merge, vowed to “be very involved in what happens going forward.”