CBS and Viacom Inch Closer to Merger With Preliminary Deal on New Leadership Team

Joe Ianniello to be offered senior role while Bob Bakish takes over as CEO, the WSJ reports

CBS and Viacom have reached a “working” agreement on the management structure in the increasingly likely event the two companies complete their long-awaited merger.

Viacom CEO Bob Bakish would take over as CEO of the newly combined company while Joe Ianniello, who has served as acting CEO for CBS since Les Moonves’ ouster last September, would be offered an unspecified senior role overseeing brand assets, an individual familiar with the companies told TheWrap.

CBS and Viacom both declined to comment. The Wall Street Journal, which first reported the news on Friday, added that a deal could be reached by the end of this month.

In addition to ironing out the two key roles, the Journal reported that CBS and Viacom have agreed that CBS Chief Financial Officer Christina Spade would become CFO for the combined company. It’s unclear whether Viacom CFO Wade Davis, who serves in a much broader role, would decide to stick around in the combined company.

However, no formal offer has been made by CBS to acquire Viacom. Both companies are set to report second-quarter earnings next week, and Wall…

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