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Former CBS CEO Joseph Ianniello Earned $125 Million Last Year

Ex-network chief received nearly $85 million in severance pay

Former CBS CEO Joe Ianniello earned $125.4 million in compensation and severance pay in 2019, according to an SEC filing on Friday.

Of that $125 million, Ianniello brought in $84.7 million in severance pay. He stepped down as CEO of CBS shortly after the merger between CBS and Viacom, with former NBCUniversal executive George Cheeks replacing him.

Ianniello, who took over as acting president and CEO of CBS in fall 2018 after the resignation of Leslie Moonves, was passed over for the top job in favor of Bob Bakish. Ianniello had an earlier clause in his contract with CBS, which entitled him to a hefty amount if he wasn’t named the permanent CEO. His base salary was $2.85 million and he brought in $37.4 million in stock awards.

Bakish, for his part, officially received $8.3 million for being CEO of ViacomCBS after the close of the merger last December. According to a previous SEC filing, he’s set to earn an annual $31 million.

Cheeks took over as president and CEO of CBS Entertainment Group at the end of March.

Earlier on Friday, ViacomCBS closed its deal to acquire a 49% stake in film and TV studio Miramax. BeIN Media Group will retain the remaining 51% stake in the company. The two said that Miramax’s current leadership team will continue in their existing roles.