ViacomCBS Merger: How Joe Ianniello Went From Odd Man Out to a Lofty Perch

umbrella. Showtime and smaller cable channels Pop and Smithsonian will move out of Ianniello’s portfolio, with Showtime chief and CBS chief creative officer David Nevins now reporting directly to Bakish. Ianniello will also report to Bakish.

Ianniello’s lofty status is a far cry from the expectation this time last year when longtime CBS leader Leslie Moonves was ousted amid the battle with Redstone over control of CBS. Moonves strongly opposed the proposed reunion with Viacom on the grounds that Viacom’s struggles would be a drag on CBS.

“This transaction has been about the industrial logic of the deal – not about me or any one individual,” Ianniello said. “I think combined there are great things ahead.” Ianniello climbed the ranks at CBS but his reputation as a strategist and financial wizard was sealed in 2009, shortly after he was promoted to chief financial officer. CBS’ stock price had sunk below $10 amid the global financial crisis. The company was almost entirely dependent on advertising revenue, which plummeted as advertisers retrenched in the global recession. Moreover, CBS had several big debt payments looming.

Ianniello’s focus turned to distribution revenue – or the lack of it – that CBS received from cable operators for the right to carry CBS’ O&O stations. CBS, like Fox and other big broadcast groups, began to push hard for much higher retransmission consent fees from MVPDs. “We were bringing massive reach but we weren’t being paid for it,” Ianniello said. “That was the opportunity.”

“When I’m sitting across the table , I don’t feel small,” Ianniello said. “It’s the reach that CBS and Viacom bring to the table that is so valuable. We’re still not being paid ESPN rates. So we have a lot of room to grow.”

Lofty Perch _Cynthia? 15 month contract for Joe to help in transition...doubt he's around past 2020-- that said the $70 million is lofty and outrageous for sure-- but that's about it

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