CBS Corp announced today it is suspending its search for a CEO and extending the contract of Joe Ianniello, acting CEO, for six more months through the end of the year. The company’s board has spent the past several months evaluating CEO candidates, including Mr. Ianniello.
The problem for some candidates approached by CBS is that it wasn’t clear what the CEO role would entail given that many expect that CBS will soon merge with Viacom. Both companies are controlled by Shari Redstone.
With the CEO search suspended, it seems clear that CBS’ board is focused on one thing: bringing the two companies back together again. Discussions between the two companies will mark the third time in three years they have explored a merger. For Ms. Redstone’s sake, let’s hope the third time is the charm.