CBS Corp. acting Chief Executive Officer Joe Ianniello is in line for a hefty haul when Viacom Inc. completes its proposed merger with the broadcast network.
While he won’t get to lead the combined entity, he’ll collect $100 million severance and remain chief of CBS with a new contract entitling him to tens of millions of dollars more.
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It’s yet another example of the extravagant compensation practices of the billionaire Redstone family, which controls both Viacom and CBS and has for years heaped money on executives at a rate rivaling Silicon Valley’s tech giants.
via CBS Chief Will Get $100 Million Severance and Still Keep His Job – Bloomberg
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