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Tag: Bob Bakish

  • Viacom net earnings plummet on restructuring & programming charges

    BENGALURU: Viacom Inc (Viacom) reported a steep decline of 60.1 percent in net earnings for the quarter ended 31 March 2017 (Q2-17, current quarter) as compared to the corresponding year ago quarter – year-on-year (y-o-y). Operating income decreased 43.3 percent y-o-y in the current quarter. The company in its earnings release says that reported operating income reflects restructuring and programming charges of $280 million resulting from the execution of new strategic initiatives, including the prioritization of six flagship brands: BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount.

    Net earnings attributable to Viacom for Q2-17 were $121 million as compared to $309 million in Q2-16. Operating income for Q2-17 was $332 million as compared to $586 million in the corresponding year ago quarter.

    Viacom reported 8.5 percent y-o-y increase in revenue for Q2-17 at $3,256 million as compared to $3,001 million reported for the corresponding year ago quarter.

    Viacom president and CEO Bob Bakish said, “In the second quarter, Viacom delivered continued top-line improvement, with growth in affiliate revenues, international media networks and across every business segment of Paramount Pictures. Additionally, we executed quickly on our strategic plan, making significant organizational changes to better focus and align Viacom’s brand portfolio and ensure strong leadership, including the appointment of Jim
    Gianopulos to chart a new course at Paramount. We are working diligently to cement Viacom as a partner of choice in the industry, presenting new and reinvigorated brand strategies for our advertisers, producing creative and flexible new opportunities with our distributors and recommitting ourselves to be the home for the world’s best talent.”

    “Viacom also took significant steps forward on our plan to strengthen our balance sheet, improve our leverage profile and enhance liquidity. Since the end of our first fiscal quarter, we completed a successful hybrid debt offering, redeemed outstanding debt and executed on the sale of non-core assets, including the pending sale of our stake in EPIX. There is a lot of work still to do, but we are making important changes at Viacom, taking substantial strides towards revitalizing our portfolio of brands and returning the company to consistent top-line growth,” Bakish added.

    The company has two major segments – Media Networks and Filmed Entertainment.

    Media Networks

    Media Networks revenue for the current quarter increased y-o-y by a marginal 0.5 percent despite a 1.2 percent decline in advertising sales. The segment reported revenue of $2,394 million for Q2-17 as compared to $2,381 million in Q2-16. Adjusted operating income declined 7.2 percent to $747 million from $845 million in the year ago quarter.

    Media Networks advertising revenue declined 1.2 percent y-o-y in Q2-17 to $1,109 million from $1,123 million. Worldwide advertising revenues increased 1 percent, excluding a 2-percentage point unfavourable impact from foreign exchange. Domestic advertising revenues decreased 4 percent, driven by higher pricing more than offset by lower impressions. International advertising revenues increased 11 percent. Excluding foreign exchange, which had an 11-percentage point unfavourable impact, international advertising revenues grew 22 percent. The gains in international advertising were driven by the acquisition of Telefe, which had a 17- percentage point favourable impact, and continued growth in Europe says Viacom.

    Affiliate revenue in the current quarter increased 2.4 percent y-o-y to $1,156 million from $1,129 million. Domestic and international affiliate revenues increased 1 percent to $975 million and 10 percent to $181 million, respectively. The growth in domestic revenues principally reflects rate increases, partially offset by a modest decline in subscribers and a decline in revenues from SVOD and other OTT agreements. Excluding foreign exchange, which had a 4-percentage point unfavourable impact, international affiliate revenues increased 14 percent. The increase in international revenues reflected the impact of rate increases, subscriber growth and new channel launches, as well as higher revenues from SVOD and other OTT agreements. International affiliate growth included a 4-percentage point favourable impact from the acquisition of Telefe.

    Ancillary revenue was flat y-o-y t $129 million. Domestic ancillary revenues decreased 8 percent to $70 million while international ancillary revenues increased 11 percent to $59 million.

    Filmed Entertainment

    Filmed Entertainment revenues grew 36.6 percent to $895 million in Q2-17 from $655 million, reflecting gains in theatrical, licensing, home entertainment and ancillary revenues. Domestic revenues increased 25 percent to $458 million in the quarter, while international revenues increased 51 percent to $437 million.

    Filmed Entertainment segment’s adjusted operating loss narrowed to less than half $66 million from an operating loss of $136 million in Q2-16. The company says that the improvement principally reflected the various revenue increases, partially offset by higher operating expenses.

    Theatrical revenues rose 10 percent to $238 million, with revenues from current quarter releases up 73 percent compared to releases from Q2-16. Domestic theatrical revenues decreased 45 percent, while international theatrical revenues grew 98 percent, reflecting the strong international performance of xXx: Return of Xander Cage. Foreign exchange had a 3-percentage point favourable impact on international theatrical revenues.

    Licensing revenues increased 45 percent to $347 million in the quarter, primarily driven by Paramount Television production, as well as higher revenues from licensing arrangements with pay television and SVOD distributors. Domestic licensing revenues grew 85 percent, while international licensing revenues increased 24 percent.

    Home entertainment revenues increased 29 percent to $198 million in the quarter, reflecting the number and mix of current quarter releases. Domestic and international home entertainment revenues increased 23 percent and 49 percent respectively. Foreign exchange had a 5-percentage point unfavourable impact on international home entertainment revenues.

    Ancillary revenues increased 149 percent to $112 million, primarily driven by the sale of a partial copyright interest in certain current year releases related to a film slate financing arrangement. Domestic ancillary revenues increased 158 percent to $93 million while international ancillary revenues increased 111 percent to $19 million.

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  • Viacom names Julia Phelps as SVP comm & culture

    MUMBAI: Viacom Inc. has announced that Julia Phelps has been promoted to Senior Vice President, Communications & Culture. In the newly created role, Phelps will serve on the company’s senior executive team and lead corporate communications, corporate marketing and culture. Most recently, Phelps led communications for the company’s international business, Viacom International Media Networks (VIMN).

    She will continue to report to Viacom president and CEO Bob Bakish.

    “Julia has been an indispensable partner for me in developing and articulating Viacom’s strategy, while keeping us true to our values and responsive to our employees,” said Bakish. “It is absolutely critical that both our external stakeholders and our people understand and embrace our new vision for Viacom, and Julia’s insight, empathy and forward thinking make her uniquely suited to this task.”

    In her role, Phelps will oversee Viacom’s Corporate Communications, Corporate Marketing, Corporate Responsibility and Special Events teams, as well as its internal creative agency, Catalyst. Most recently, she served as Executive Vice President of Communications at Viacom International Media Networks (VIMN), where she led VIMN’s internal and external communications efforts for Viacom’s international brands, including MTV, Nickelodeon, Comedy Central, BET, Paramount Channel, VH1, COLORS and Channel 5. Previously, Phelps served as Senior Vice President of Corporate Communications for VIMN and as VP of Corporate Communications for Viacom.

    Phelps joined Viacom in 2005 from New York-based agency DeVries Public Relations. A native of Canada, she earned a B.A. in Political Science from the University of Victoria in British Columbia, and an M.S. in Strategic Communications from Columbia University.

  • Viacom names Gianopulos CEO of Paramount Pictures

    MUMBAI: Viacom Inc. has announced the appointment of Jim Gianopulos as the chairman and chief executive officer of Paramount Pictures, effective 3 April, 2017. Gianopulos will report directly to Viacom president and CEO Bob Bakish.

    In his new role, Gianopulos will oversee the studio’s film and television operations worldwide, including production, marketing, distribution and all other facets. He also will be charged with setting a new strategy for Paramount, including developing new content, strengthening Paramount’s slate with co-branded releases from Viacom flagship brands, and expanding the studio’s global footprint.

    Bakish, said, “Jim is a remarkably talented executive with all the tools – strategic vision, strong business expertise, deep industry and creative relationships – to bring films to life that resonate throughout culture and deliver commercial results. I’m thrilled we will have the benefit of his experience, savvy and global expertise as we lay out a clear path forward and begin the next chapter in Paramount’s storied history.”

    Gianopulos said, “Paramount is one of Hollywood’s truly iconic studios, and the role it has played in shaping the entertainment industry cannot be overstated. Looking ahead, I see a strong opportunity to position the studio for success by creating valuable franchise opportunities, developing fresh creative ventures, and mining Viacom’s deep brand portfolio to bring exciting new narratives to life.”

    Gianopulos has been a leading figure in the global entertainment industry for more than 30 years. For 16 years, he served as Chairman and Chief Executive Officer of Fox Filmed Entertainment, overseeing Twentieth Century Fox, Fox 2000 Pictures, Fox Searchlight Pictures, Fox International Productions, and Twentieth Century Fox Animation/Blue Sky Studios. During his tenure, he oversaw numerous box office hits, ranging from “Avatar” and the “X-Men” series, to “The Descendants” and “The Grand Budapest Hotel,” and most recently “Deadpool” and “Hidden Figures.”

    Previously, Gianopulos served as the president of 20th Century Fox International. Prior to joining the company, he held senior positions at Columbia Pictures and Paramount. He began his career as an attorney specializing in entertainment law. Gianopulos is the treasurer of the Academy of Motion Picture Arts & Sciences, chairman of the Motion Picture & Television Fund, and a trustee of Carnegie Melon University and the American Film Institute. He also serves on the USC School of Cinematic Arts Board of Councilors.

    Gianopulos attended the LLM program at the New York University School of Law and received his JD from Fordham University School of Law. He received his undergraduate degree from Boston University.

  • Viacom announces leadership transition at Paramount Pictures, CEO Brad Grey to step down

    MUMBAI: Viacom Inc. has announced that Brad Grey will step down from his role as chairman and chief executive officer of Paramount Pictures. The company is commencing a comprehensive search to identify a successor, and Grey will remain at Paramount for a period to support the transition.

    Viacom president and CEO Bob Bakish, who would be present at the Morgan Stanley Technology, Media & Telecom Conference in San Francisco, on 1 March, will work closely with Paramount’s leadership team, including Marc Evans (President, Motion Picture Group); Andrew Gumpert (Chief Operating Officer); Amy Powell (President, Paramount Television and Digital Entertainment); Megan Colligan (President, Worldwide Distribution and Marketing) and Mark Badagliacca (Chief Financial Officer), to maintain momentum until a new CEO is appointed.

    “Brad has overseen the production and distribution of some of Paramount’s most celebrated hits, and more recently championed the successful relaunch of the studio’s television division. We are grateful for his 12 years of extraordinary service and wish him every continued success,” said Bob Bakish. “Paramount has produced some of the most recognizable and cherished films in Hollywood, making it a key part of Viacom’s history, and our future. As we look ahead, I couldn’t be more excited by our early plans to re-energize the slate, more deeply integrate the studio and networks, and make the most of our incredible assets.”

    “It has been my privilege to be a part of Paramount’s storied history, and I am grateful to Sumner Redstone for giving me this opportunity. I want to wish Shari, Bob and their entire team the best as they embark on Viacom’s next chapter,” said Brad Grey. “From the moment I came to Paramount in 2005, I saw myself as a steward of an iconic institution. In that time, it has been my great honor to work with a group of wildly talented storytellers. But above all, I am indebted to the wonderful people at this studio, whose creativity, professionalism and integrity are second to none.”

    US$1.3 bn subordinated debt offering

    Viacom announced that it has agreed to sell US$ 650 million in aggregate principal amount of 5.875 per cent fixed-to-floating rate junior subordinated debentures due 2057 at a price equal to 100.000 per cent of the principal amount thereof (the “NC5 Debentures”) and US$ 650 million in aggregate principal amount of 6.250 per cent fixed-to-floating rate junior subordinated debentures due 2057 at a price equal to 100.000 per cent of the principal amount thereof (the “NC10 Debentures” and, together with the NC5 Debentures, the “Debentures”).

    The sale of the Debentures is expected to close on 28 February, 2017, subject to customary closing conditions. Viacom intends to use the net proceeds from the offering primarily for the repayment of outstanding indebtedness.

  • Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    MUMBAI: The Board of Directors of Viacom Inc. (NASDAQ: VIAB, VIA) announced today that it has discontinued the exploration of a potential combination with CBS following receipt of National Amusements’ letter and request, and dissolved the Special Committee that was formed to evaluate a potential transaction. It has appointed Bob Bakish as President and Chief Executive Officer and as a member of the Board, effective immediately.

    Bakish has served as the acting president and the chief executive officer of Viacom since 15 November 2016. He held leadership positions throughout the organization since joining in 1997, most recently serving as President and Chief Executive Officer of Viacom International Media Networks prior to his Acting CEO role.

    Board chairman Tom May said, “In Bob’s short time as Acting President and CEO he has impressed the Board of Directors with the decisive steps he has taken. He has moved quickly to deliver upon the mandate given to him – to maximize Viacom’s potential as a strong, growing and independent company. We have great confidence in Bob’s strategic vision and his ability to move forward aggressively to position Viacom for the future.”

    Board vice chair Shari Redstone said, “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. While there is much work to do, I firmly believe that Viacom has a bright future, and that confidence is underpinned by senior management’s commitment to innovation and a more coordinated, global approach to managing our brands.”

    Bakish said, “I am honored to be chosen by the Board to lead Viacom, its world-class brands and exceedingly talented people. I believe unequivocally in this company and its potential to create new opportunities and drive greater value as our business evolves and our industry transforms. We’ve been working very quickly to mobilize the organization, reenergize our culture and address our areas of greatest need. I look forward to continuing to work closely with the Board and our team to build on this momentum, and will share more on our plan and path forward in the New Year.”

  • Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    MUMBAI: The Board of Directors of Viacom Inc. (NASDAQ: VIAB, VIA) announced today that it has discontinued the exploration of a potential combination with CBS following receipt of National Amusements’ letter and request, and dissolved the Special Committee that was formed to evaluate a potential transaction. It has appointed Bob Bakish as President and Chief Executive Officer and as a member of the Board, effective immediately.

    Bakish has served as the acting president and the chief executive officer of Viacom since 15 November 2016. He held leadership positions throughout the organization since joining in 1997, most recently serving as President and Chief Executive Officer of Viacom International Media Networks prior to his Acting CEO role.

    Board chairman Tom May said, “In Bob’s short time as Acting President and CEO he has impressed the Board of Directors with the decisive steps he has taken. He has moved quickly to deliver upon the mandate given to him – to maximize Viacom’s potential as a strong, growing and independent company. We have great confidence in Bob’s strategic vision and his ability to move forward aggressively to position Viacom for the future.”

    Board vice chair Shari Redstone said, “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. While there is much work to do, I firmly believe that Viacom has a bright future, and that confidence is underpinned by senior management’s commitment to innovation and a more coordinated, global approach to managing our brands.”

    Bakish said, “I am honored to be chosen by the Board to lead Viacom, its world-class brands and exceedingly talented people. I believe unequivocally in this company and its potential to create new opportunities and drive greater value as our business evolves and our industry transforms. We’ve been working very quickly to mobilize the organization, reenergize our culture and address our areas of greatest need. I look forward to continuing to work closely with the Board and our team to build on this momentum, and will share more on our plan and path forward in the New Year.”

  • Viacom buys Telefe for US$ 345 million

    Viacom buys Telefe for US$ 345 million

    MUMBAI: Viacom Inc, the owner of Nickelodeon, MTV and Comedy Central, in an attempt to expand its Latin America footprint, has signed a deal to buy Argentina’s largest broadcast network Telefe from the telecom carrier Telefonica SA for US$ 345 million (Rs 2336 crore) in cash.Through a network of channels, Telefe reaches 95 per cent of Argentina’s households.

    The deal to purchase the Spanish-language content producer, that commands 33% Argentina’s TV audience share, is part of Viacom’s plan to upgrade its market in Argentina and Latin America.

    It is the first major announcement after Viacom’s new acting president and CEO Bob Bakish joined and it comes on Day 1 of his being elevated from his international distribution position. Viacom owns Cartoon Network and MTV among other channels.

    The buy, funded with cash from international operations, not adding to Viacom debt load, will be accretive to Viacom’s 2017 earnings.

    Operating eight regional channels throughout Argentina and streaming services , Telefe International, a pay TV service that is functional in 17 countries, also owns 12 production studios. Its content is distributed in 35 languages in 100 nations. It has close to 33,000 hours of content in its library, while churning out around 3,000 hours annually.

    Bakish said that Telefe was an outstanding broadcast and production business, and the acquisition would give a fillip to their growth strategy in Argentina. The buy brings Viacom significant resources that spread beyond the core broadcast network and beyond Argentina’s borders.

    In around 50 years, Viacom would become the first American company to operate a FTA (free-to-air) channel in Argentina.

    Sources indicate that some of the shows from its Spanish language could find traction on Viacom18’s English language Colors Infinity and as fiction and non-fiction formats on the local language channels it runs jointly with Reliance Industries in India.

  • Viacom buys Telefe for US$ 345 million

    Viacom buys Telefe for US$ 345 million

    MUMBAI: Viacom Inc, the owner of Nickelodeon, MTV and Comedy Central, in an attempt to expand its Latin America footprint, has signed a deal to buy Argentina’s largest broadcast network Telefe from the telecom carrier Telefonica SA for US$ 345 million (Rs 2336 crore) in cash.Through a network of channels, Telefe reaches 95 per cent of Argentina’s households.

    The deal to purchase the Spanish-language content producer, that commands 33% Argentina’s TV audience share, is part of Viacom’s plan to upgrade its market in Argentina and Latin America.

    It is the first major announcement after Viacom’s new acting president and CEO Bob Bakish joined and it comes on Day 1 of his being elevated from his international distribution position. Viacom owns Cartoon Network and MTV among other channels.

    The buy, funded with cash from international operations, not adding to Viacom debt load, will be accretive to Viacom’s 2017 earnings.

    Operating eight regional channels throughout Argentina and streaming services , Telefe International, a pay TV service that is functional in 17 countries, also owns 12 production studios. Its content is distributed in 35 languages in 100 nations. It has close to 33,000 hours of content in its library, while churning out around 3,000 hours annually.

    Bakish said that Telefe was an outstanding broadcast and production business, and the acquisition would give a fillip to their growth strategy in Argentina. The buy brings Viacom significant resources that spread beyond the core broadcast network and beyond Argentina’s borders.

    In around 50 years, Viacom would become the first American company to operate a FTA (free-to-air) channel in Argentina.

    Sources indicate that some of the shows from its Spanish language could find traction on Viacom18’s English language Colors Infinity and as fiction and non-fiction formats on the local language channels it runs jointly with Reliance Industries in India.

  • Viacom appoints Bob Bakish as acting CEO

    Viacom appoints Bob Bakish as acting CEO

    MUMBAI: So Bob got the job after all. As expected, the board of directors at Viacom yesterday appointed Robert “Bob” Bakish as the acting president & CEO, effective 15 November – the date when the temporary replacement to Philippe Dauman, leaves the company. Bakish also got the additional charge of the Viacom Global Entertainment Group as its president & CEO.

    This new business unit combines Viacom’s International Media Networks division with the company’s Music and Entertainment Group, which houses some of the company’s most iconic brands including MTV, Comedy Central, VH1, Spike and Logo. In addition, TV Land and CMT will join the Global Entertainment Group portfolio under him.

    What this means is that the Indian company Viacom18 Media (its joint venture with Network18 group – now owned by Reliance Industries) will have a direct line to Bakish as it has been doing over the past nine years, ever since he took over the international media networks division. Viacom18 Media is headed by the group CEO Sudhanshu Vats.

    A statement put out by Viacom states that Viacom’s Kids and Family Group will be re-established as the “Nickelodeon Group” to fully focus on building upon the success of the number one media network for kids, and exploit the broad array of growth opportunities in all facets of the kids segment, including recreation and hospitality. BET Networks, home of leading brands among African American adults, will continue to function as a dedicated and separate group.

    Said Viacom board chairman Tom May in the release: “Bob’s record of innovation and achievement at Viacom, combined with his strategic vision and leadership ability, make him highly qualified for this position. We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS. There is a great deal of opportunity ahead and Bob is a superb leader to drive this effort, fully empowered to take the actions necessary to position Viacom for success.”

    Said Viacom vice chairman Shari Redstone: “To be a successful leader in the industry today requires continuous flexibility, a global perspective, a commitment to innovation and an embrace of change. Bob is an exemplary forward thinker who embodies these traits, embraces disruption and brings teams along with him. Under his leadership our great employees will be supported in their efforts to bring world class content and experiences to our audiences, while we continue to drive improvements in Viacom’s financial performance.”

    “I look forward to working closely with the Board of Directors, senior management and our talented and hardworking people around the world to realize the full potential of Viacom’s outstanding assets for the benefit of our audiences, partners and stockholders,” added Bakish. “Content is the lifeblood of our business and my near-term focus will be to nurture our creative output and brands, ensuring they remain distinctive, differentiated and powerful in an increasingly competitive global media landscape.”

    Bakish has been the president and CEO of Viacom International Media Networks, and its predecessor company MTV Networks International, since 2007, with oversight of all of Viacom’s media networks and related businesses outside the US. In this role, he has driven the development of its international portfolio of core TV brands, with MTV and Nickelodeon being joined by Comedy Central, Paramount Channel, BET, Spike and Nick Jr. on pay and free TV platforms worldwide. In addition, Bakish has overseen the creation and growth of the company’s Viacom18 Indian joint venture, which includes the Colors general entertainment networks, as well as the acquisition of Channel 5 in the U.K.

    Under Bakish, the company has consistently grown profitability while expanding its TV, online and geographic footprint. Viacom’s 200 plus TV channels now reach approximately 3.9 billion cumulative television subscribers across more than 180 countries and broadcast in more than 40 languages. Bakish has also overseen the transition from TV to multiplatform distribution, with VIMN significantly growing online engagement with its video content, having launched a range of cutting edge digital properties including the Viacom Play Plex suite of mobile streaming apps that give on-demand access to the best TV content from its brands, all while building its branded presence on 3rd party video-on-demand and social media platforms, with an estimated 850 million fans and followers worldwide.

    Bakish’s growth strategy for VIMN has also involved substantially increasing the amount of original programming produced by Viacom internationally, driven in part by the recently opened Viacom International Studios in Miami, and Channel 5 Productions in the UK. In addition, he has expanded the off-screen presence of VIMN’s brands through live events, stores, theme parks and hotels.Bakish has delivered significant growth in some of the world’s most valuable media markets including established markets like the U.K., Italy and Spain, as well as higher growth markets such as India, Mexico, Brazil, China, Russia and Africa.

  • Viacom appoints Bob Bakish as acting CEO

    Viacom appoints Bob Bakish as acting CEO

    MUMBAI: So Bob got the job after all. As expected, the board of directors at Viacom yesterday appointed Robert “Bob” Bakish as the acting president & CEO, effective 15 November – the date when the temporary replacement to Philippe Dauman, leaves the company. Bakish also got the additional charge of the Viacom Global Entertainment Group as its president & CEO.

    This new business unit combines Viacom’s International Media Networks division with the company’s Music and Entertainment Group, which houses some of the company’s most iconic brands including MTV, Comedy Central, VH1, Spike and Logo. In addition, TV Land and CMT will join the Global Entertainment Group portfolio under him.

    What this means is that the Indian company Viacom18 Media (its joint venture with Network18 group – now owned by Reliance Industries) will have a direct line to Bakish as it has been doing over the past nine years, ever since he took over the international media networks division. Viacom18 Media is headed by the group CEO Sudhanshu Vats.

    A statement put out by Viacom states that Viacom’s Kids and Family Group will be re-established as the “Nickelodeon Group” to fully focus on building upon the success of the number one media network for kids, and exploit the broad array of growth opportunities in all facets of the kids segment, including recreation and hospitality. BET Networks, home of leading brands among African American adults, will continue to function as a dedicated and separate group.

    Said Viacom board chairman Tom May in the release: “Bob’s record of innovation and achievement at Viacom, combined with his strategic vision and leadership ability, make him highly qualified for this position. We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS. There is a great deal of opportunity ahead and Bob is a superb leader to drive this effort, fully empowered to take the actions necessary to position Viacom for success.”

    Said Viacom vice chairman Shari Redstone: “To be a successful leader in the industry today requires continuous flexibility, a global perspective, a commitment to innovation and an embrace of change. Bob is an exemplary forward thinker who embodies these traits, embraces disruption and brings teams along with him. Under his leadership our great employees will be supported in their efforts to bring world class content and experiences to our audiences, while we continue to drive improvements in Viacom’s financial performance.”

    “I look forward to working closely with the Board of Directors, senior management and our talented and hardworking people around the world to realize the full potential of Viacom’s outstanding assets for the benefit of our audiences, partners and stockholders,” added Bakish. “Content is the lifeblood of our business and my near-term focus will be to nurture our creative output and brands, ensuring they remain distinctive, differentiated and powerful in an increasingly competitive global media landscape.”

    Bakish has been the president and CEO of Viacom International Media Networks, and its predecessor company MTV Networks International, since 2007, with oversight of all of Viacom’s media networks and related businesses outside the US. In this role, he has driven the development of its international portfolio of core TV brands, with MTV and Nickelodeon being joined by Comedy Central, Paramount Channel, BET, Spike and Nick Jr. on pay and free TV platforms worldwide. In addition, Bakish has overseen the creation and growth of the company’s Viacom18 Indian joint venture, which includes the Colors general entertainment networks, as well as the acquisition of Channel 5 in the U.K.

    Under Bakish, the company has consistently grown profitability while expanding its TV, online and geographic footprint. Viacom’s 200 plus TV channels now reach approximately 3.9 billion cumulative television subscribers across more than 180 countries and broadcast in more than 40 languages. Bakish has also overseen the transition from TV to multiplatform distribution, with VIMN significantly growing online engagement with its video content, having launched a range of cutting edge digital properties including the Viacom Play Plex suite of mobile streaming apps that give on-demand access to the best TV content from its brands, all while building its branded presence on 3rd party video-on-demand and social media platforms, with an estimated 850 million fans and followers worldwide.

    Bakish’s growth strategy for VIMN has also involved substantially increasing the amount of original programming produced by Viacom internationally, driven in part by the recently opened Viacom International Studios in Miami, and Channel 5 Productions in the UK. In addition, he has expanded the off-screen presence of VIMN’s brands through live events, stores, theme parks and hotels.Bakish has delivered significant growth in some of the world’s most valuable media markets including established markets like the U.K., Italy and Spain, as well as higher growth markets such as India, Mexico, Brazil, China, Russia and Africa.