Bay also has experience in sports journalism. She co-hosted "NBA Inside Stuff," the long-running basketball news show that aired on ABC and NBC.
She will begin the job in July. Bay said in a statement that she has gotten to know Annenberg graduates while working at the Huffington Post.
Bay, one half of one of Hollywood's most prominent couples and known for her on-camera journalism, is a high-profile hire for USC. The previous two directors of the journalism school have been award-winning print journalists.