After 22 years of serving as the COO, Joe Ianniello got an opportunity to work at the position of CEO at CBS, not for long though. In 9th September 2018, CBS Corporation announced Joe Ianniello as President and acting CEO after the departure of Les Moonves.
He became the acting CEO until the merger of CBS and Viacom and on 21st November 2019, Joe has been confirmed to get $100 million in severance and will report to Viacom CEO Robert Bakish who will be the new man to lead the company after the merger. On the other hand, Ianniello is reported to remain the chief of CBS.
How much will he earn as the chief of CBS? Details down below.
$100 Million In Severance? Is That Too Much Or Less?
According to Celebrity Net Worth, Joe Ianniello is reported to get $100 million in severance following the merge of CBS and Viacom. Joe served as the acting CEO of CBS following the departure of Les Moonves in 2018.
As per sources, Ianniello will now serve as the chief of CBS and will report to CEO Robert Bakish for 15-month according to his new contract. He will collect a merger bonus along with a salary of $22.5 million.
According to Business Insider, when the merger closes Joe will pocket $79 million in cash and about $20 million in equity.
Merge Of CBS And Viacom
After months of negotiations, the two biggest companies reunited recently on 13th August 2019 into a new entity known as ViacomCBS. CEO Bob Bakish will serve as president and CEO of the new company, whereas, Joe will become the chairman and CEO of CBS and will oversee CBS-branded assets.
Prior to this, CBS and Viacom got together in 1999 when Viacom bought CBS for $36.5 billion. Seven years later, the two companies parted ways.
As per the current deal, CBS shareholders will own approximately 61% of the new company and the owners of Viacom will hold about 39%. The deal valued Viacom at $11.8 billion which is higher than the company’s current market capitalization of $10.5 billion.
What Is Joe Ianniello’s Net Worth?
As per Celebrity Net Worth, Joe will receive $100 million following the merge deal. Hence we can surely say that his net worth is way more than $100 million.
Joe worked for CBS since he was hired as a Director of Financial Planning in 1997. He then served as the COO and then CEO of CBS in financial roles within CBS including CFO.