U.S. Markets open in 6 hrs 44 mins

CBS acting CEO Ianniello extends contract, board suspends CEO search

Claudia Assis

CBS Corp. said late Tuesday Acting Chief Executive Joseph Ianniello has agreed to extend his role for six more months through Dec. 31, and "as a testament to the accomplishments" by Ianniello, the board has suspended its search for another chief executive officer. "Joe has demonstrated exceptional leadership during this time of unprecedented transition at CBS. He steadied the ship," the company's board said in a statement. Ianniello assumed the acting CEO role in September after being CBS's chief operating office since 2013. Shares of CBS rose 0.4% in the extended session, after ending the regular trading day up 0.5%. According to a report last week, CBS and Viacom Inc. are trying to resume merger talks, and in addition to agreeing to a price the two companies are also hammering out who would be CEO, Ianniello or Viacom CEO Robert Bakish, who has the support of Shari Redstone, whose National Amusements Inc. controls both CBS and Viacom.