CBS-Viacom merger leads to big payouts for top execs
The merger of Viacom and CBS is shaping up to be lucrative for its top two execs.
Acting CBS Chief Executive Joe Ianniello, who will be chairman and CEO of CBS at the combined firm, will bank a hefty payout of $70 million when the deal closes. That payout is tied to a provision in his old CBS contract that entitled him to a lump sum if he wasn’t named CEO of ViacomCBS.
Viacom CEO Bob Bakish, who will grab the reins as president and CEO of the combined ViacomCBS, will see his total compensation jump 55 percent to about $31 million a year, according to an SEC filing.
Reported by NY Post