CBS suspends CEO search, fuelling Viacom merger expectations

FILE PHOTO: The CBS"eye" and logo are seen outside the CBS Broadcast Center on West 57th St. in Manhattan, New York, U.S., April 29, 2016. REUTERS/Brendan McDermid

- CBS Corp on Tuesday said it had suspended its search for a new chief executive and extended the role of its interim CEO Joseph Ianniello until the end of the year, renewing speculation the U.S. media company will seek to merge with peer Viacom Inc. Ianniello, who was previously the company’s chief operating officer, became interim CEO in September after the CBS board ousted then-CEO Leslie Moonves over accusations of sexual harassment and assault.

Ianniello’s interim role included a clause stating that if he was not named permanent CEO by June 30, 2019, he could leave the company with severance estimated to reach $70 million, according a source familiar with the matter. The same clause applies to his new agreement ending Dec. 31.

Extending Ianniello’s role as interim CEO and dropping the search for a permanent CEO appears to set a time frame for how long CBS believes it would take to complete a deal.

Media losses are adding up. Cuz...you pissed off the population that voted for the winner. Poor losers.. ironically in all ass-pects. It’s the price you pay. Until prison, it won’t change

CBS seems so little compared to other media companies like Disney, WarnerMedia etc. This is a must! They shouldn't let idiocy reigns

xD

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