BREAKING: Viacom names Robert Bakish, current CEO of Viacom Intl. Media Networks, as acting president & CEO of Viacom effective Nov. 15.— CNBC Now (@CNBCnow) October 31, 2016
The troubled company has named a new acting chief executive.
After months of turmoil, the entertainment conglomerate on Monday promoted Robert Bakish to the C-Suite as its acting president and CEO.
As things stand, the board is weighing the possibility of a rejoining with CBS Corp., which is the other half of Sumner Redstone's media empire, Variety reports.
In a statement, Bakish was applauded for his "strategic vision and leadership ability."
Viacom operates popular networks running from MTV and Nickelodeon to Comedy Central and also Paramount movie studio.
In a statement, the company said it had plans to combine its international and U.S. networks under ViacomGlobal Entertainment Group. This new unit would also include VH1, Spike, TV Land and CMT, while the Nickelodeon networks will fall under a new Nickelodeon Group.
BET would function as a standalone network.
We are determined to move forward aggressively to strengthen Viacom.
As more and more viewers cut the cord, TV media brands are having to rethink their strategies to appeal to wider, digitally-native audiences.
"We are determined to move forward aggressively to strengthen Viacom for the future," Tom May, Viacom board of directors chair, said in a release.
Bakish replaces interim CEO Tom Dooley who had taken over for Philippe Dauman in August following a heated power struggle with the majority owner, Sumner Redstone, and his family.
Viacom's stock was mostly flat in after hours trade following the news.
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