With CBS and Viacom hurtling toward an early-December close of their $30 billion merger, the combined company—to be known by the inelegant name ViacomCBS—is faced with a host of difficulties. First and foremost, of course, is the fact that investors don’t like the deal, and haven’t from the momentbegan contemplating it three years ago. Since the deal was finally agreed upon in August—after two previous failed attempts—it has landed with a resounding thud on Wall Street.
CBS has other problems too. It is still in a legal fight with Moonves over whether he will get the $120 million severance he believes he is contractually owed. The dispute between him and CBS is being heard quietly, month after month, by a panel of arbitrators in New York City. “It’s a long, long process,” says someone familiar with it. This person is impressed with how nothing about the dispute has leaked.
To get from a $70 million payout to the $100 million payout took another turn of good fortune for Ianniello, who is 51 and has been at CBS for 22 years, working his way up the corporate ladder from the director of financial planning. When he was named acting CEO in September 2018, the initial term of the contract was until the end of June 2019.
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