Behind the HeadlinesThe Report
THE HOLLYWOOD REPORTER 18 AUGUST 21, 2019
BAKISH: JESSE GRANT/GETTY IMAGES FOR VIACOM. IANNIELLO: JOHN PAUL FILO/CBS.H
ow long will ViacomCBS’
top duo stay at the helm?
When the merger closes
at the end of 2019, the board of
directors, to be led by non-execu-
tive chair Shari Redstone, wants
CEO Bob Bakish to stay for at least
four years while acting CBS CEO
Joe Ianniello gets a guarantee of
only 15 months, per an Aug. 19
SEC filing.
On the surface it may seem
like a slight to Ianniello, who
will oversee most of the CBS
assets after the merger, though
he’ll be well compensated for
it as he’s due $70 million at the
close of the transaction. That’s
Leslie Moonves money, and he
was among the best-compen-
sated executives in America
until his CBS exit over sexual
misconduct claims.“The terms of Ianniello’s new
employment agreement seem
very accommodative — perhaps
overly generous but potentially
justifiable for a generally well-
regarded key executive who is
expected to be very instrumental
during the crucial integration
phase for ViacomCBS,” says
analyst Tuna Amobi of CFRA
Research. “Ianniello’s contract
extension, which is somewhat
surprising as to its relatively
short duration, suggests that
he is unlikely to stick aroundbeyond the initial transition
period, likely paving the way
for Bakish to further entrench
his strategic imprint across the
combined company.”
Bakish gets a raise from
$20.3 million to $31.5 million
annually, assuming he hits all
his contractual marks — which
most CEOs in entertainment
seem to do. Still, Bakish’s com-
pensation pales in comparison
to at least one predecessor:
former CEO Philippe Dauman
was paid a cool $93 million toThe Hunt and What Moviegoers Don’t Want to See Now
ViacomCBS chief Bob Bakish (left) and acting
CBS CEO Joe Ianniello will lead a merged
company with estimated annual revenue of
$28.5 billion.Shari Redstone gives Bob Bakish four years, suggesting
his ‘strategic imprint’ will be the blueprint for the merger
BY PAUL BONDViacomCBS Leaders
Set Very Different
Career Paths
As Universal scraps its violent satire amid a trio of mass shootings, more Americans say
they’re bothered by guns and violence against women in film, a new survey findsDo you support or
oppose Universal’s
decision to cancel
The Hunt?*What type of movie
content bothers you?A LOT OR SOME
NOT MUCH OR AT ALLGun Violence General Violence Violence Against Women Sex Profanity80%70605040302010leave Viacom in 2016 (his annual
salary was $34.6 million) while
Bakish will have to work long
hours for three years to earn a
similar amount.
Another key nugget revealed in
the Aug. 19 filing is that CBS must
pay $560 million to Viacom if it
terminates the deal while Viacom
must pay CBS $373 million if it
scuttles the merger. It’s an impor-
tant clause, given that Redstone’s
National Amusements, which
controls both CBS and Viacom,
agreed “to give good faith consid-
eration” to other entities — like
larger media giants — that may
want to pay even more to acquire
either of them.Some 63% of Democrats say they’re
bothered by gun violence scenes in films
as compared with 50% of Republicans.53% of U.S. adults
take issue with
gun violence as it’s
depicted in film.Set to open Sept. 27, the film — which
features elites hunting “deplorables” —
was pulled by the studio amid criticism,
including from President Trump.Source: THR/Morning Consult poll conducted Aug. 15-18 among a nationally representative sample of 2,200 adults; percentages don’t add up to 100; *asked of those who have heard of The Hunt.OVERALL REPUBLICAN DEMOCRAT25%
OPPOSE 66%
SUPPORTTHR/Morning Consult PollViacomCBS Key Dates
DEC. 31, 2019
The merger’s
target closing
window.MAY 13, 2020
If the merger is
not closed, either
CBS or Viacom
has the right to
end the deal.15 MONTHS AFTER
MERGER CLOSES
Joe Ianniello’s con-
tract as CEO of the
CBS assets within
ViacomCBS ends.48 MONTHS AFTER
MERGER CLOSES
Viacom CEO
Bob Bakish’s
contract ends.