Viacom Cements CEO Role for Bob Bakish
December 12 2016 - 5:22PM
Dow Jones News
By Keach Hagey
Viacom Inc. on Monday named Bob Bakish its chief executive,
removing the word "acting" from his title the same day the media
company's pursuit of a potential merger with corporate sibling CBS
Corp. was called off.
Sumner Redstone's National Amusements Inc. sent a letter to the
boards of both Viacom and CBS, which it controls through a roughly
80% voting stake in each, telling them to abandon its previous
request to explore a merger.
Chief among the reasons that National Amusements cited was the
strength of Mr. Bakish's strategic plan for Viacom as a stand-alone
entity.
"I am very excited by the strategy Viacom is pursuing under
Bob's leadership, as well as the relentless hard work and passion
he has demonstrated not only in his fast start at the helm but in
his many years at the company," Shari Redstone, Mr. Redstone's
daughter and the vice chairman of Viacom's board, said in a
statement on Monday.
Mr. Bakish, a nearly two-decade veteran of Viacom, was named
acting CEO on Oct. 31.
"In Bob's short time as Acting President and CEO he has
impressed the Board of Directors with the decisive steps he has
taken," said Viacom Chairman Tom May.
Mr. Bakish has promised to restore Viacom's storied creative
culture, which critics say has languished in recent years; chart a
bold strategy for the U.S. cable-networks business; and bring new
discipline and imagination to the Paramount movie studio.
Mr. Bakish joined Viacom in 1997 and has held a variety of
leadership positions over the years. Before his stint as acting
CEO, he was head of Viacom International Media Networks, where he
was responsible for rolling out brands like MTV, Comedy Central and
Nickelodeon in international markets. Among his notable
achievements were the creation of a joint venture in India,
Viacom18, which launched one of the most-watched general
entertainment channels in the country, and acquisitions of the
U.K.'s Channel 5 and Argentina's Telefe.
Mr. Bakish also was known as a proponent of digital
experimentation, testing out streaming and on-demand services that
hadn't yet been tried in the U.S.
Ms. Redstone has emerged as a powerful figure in the company in
the wake of a power struggle that resulted in the ouster of former
Viacom CEO Philippe Dauman and the overhaul of Viacom's board
earlier this year.
Write to Keach Hagey at keach.hagey@wsj.com
(END) Dow Jones Newswires
December 12, 2016 17:07 ET (22:07 GMT)
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