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CBS announced Tuesday that it will suspend its search for a new CEO and that it will keep acting CEO Joseph Ianniello in the role through the end of the year.
Earlier this month, CNBC had reported that CBS had missed its own internal deadline to find a successor for Les Moonves, who resigned amid sexual misconduct allegations.
Ianniello assumed the role in September and had previously served as CBS' chief operating officer and has been with the company since 1997.
The media giant's board said in a release, "Joe has demonstrated exceptional leadership during this time of unprecedented transition at CBS." The board said Ianniello "steadied the ship" and demonstrated a "commitment to cultural change."
Shares of CBS rose slightly in postmarket trading following the news.
CNBC previously reported that Shari Redstone would like to reunite CBS and Viacom. Redstone serves as vice chair of both companies.
Viacom shares rose nearly 1% in after-hours trade Tuesday.
Sources familiar with the situation have previously told CNBC that Redstone would like Viacom CEO Bob Bakish to lead the combined company. CNBC also reported that Ianniello could possibly become the No. 2 at a combined CBS-Viacom.
— With reporting from CNBC's Alex Sherman.