CBS Entertainment alum Joe Ianniello launches $300m SPAC for media

Joe Ianniello

CBS Entertainment Group’s former CEO Joe Ianniello has become the latest senior exec to launch his own special purpose acquisition company (SPAC).

Argus Capital Corp is headed up by Ianniello and is planning to raise $300m that will then be invested into media, entertainment and sports companies.

Numerous other media execs are also part of the SPAC, including Marc DeBevoise, who left his role as CEO of ViacomCBS Digital last year.

Former CBS communications chief Dana McClintock is also onboard, along with Alan Mnuchin, founder and CEO of Ariliam Group, according to the new company’s SEC filing.

Ianiello left ViacomCBS in February last year, when the company appointed NBCUniversal Content Studios’ vice-chairman George Cheeks as president and CEO.

Argus joins a growing a number of SPAC’s in Europe and North America, as investors look to capitalise on the demand for content.

Last week, former WarnerMedia exec Iris Knobloch launched her $300m SPAC with backing from Artemis, the holding company owned by French billionaire businessman François-Henri Pinault.