The current top CBS executive — who battled with former CBS chief Leslie Moonves against Shari Redstone and parent company National Amusements — will soon be getting a $100 million package.
“Joe Ianniello’s sweet deal just keeps getting sweeter,” reports Alexandra Steigrad in The New York Post.
The story continues, “Acting CBS Chief Executive Ianniello, who will become chairman and CEO of CBS once Viacom merges with CBS, will bank a hefty payout of $100 million when the deal closes, sources said. That’s up from the $70 million he was already set to pocket in severance for not being named head of the newly combined company — despite staying on in his current job. [Running the combined company will be Viacom CEO Bob Bakish.]”
The story adds, “Ianniello’s fortunes are nothing short of miraculous. … A court filing by National Amusements Inc. uncovered a trove of text messages showing Ianniello had been supporting Moonves’ battle to dilute Redstone’s voting control over CBS before Moonves was ousted in a flood of sexual misconduct allegations in late 2018.”
For example, the story says, Moonves wrote to Ianniello, referencing “The Godfather,” “Mattresses tomorrow a.m.”
Ianniello responded, “We won’t forget the cannoli too.”
To which Moonves answered, “And take the gun. We need it.”
Joe Ianniello (CBS)
This is absurd . He is NOT entitled to this payout !!!!
Totally agree with you . It makes no sense .
It screws the share holders plenty.
It is the sign of what has been ailing US corporations for well over a decade Senior Management GREED. It must cease.
Workers are killing themselves working two or more jobs to meet basic living costs. This will lead to a modern day Storming of the Bastille and all that followed that.
No one person is worth $100 million of corporate money to run the joint.