Brad Grey to Step Down as Chairman and CEO
NEW YORK--(BUSINESS WIRE)--
Viacom Inc. (NASDAQ: VIAB, VIA) today 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
Bob Bakish, President and Chief Executive Officer of Viacom, 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 reenergize the slate, more deeply
integrate the studio and networks, and make the most of our incredible
"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."
Viacom is home to premier global media brands that create compelling
television programs, motion pictures, short-form content, apps, games,
consumer products, social media experiences, and other entertainment
content for audiences in more than 180 countries. Viacom's media
networks, including Nickelodeon, Comedy Central, MTV, VH1, Spike, BET,
CMT, TV Land, Nick at Nite, Nick Jr., Logo, Nicktoons, TeenNick, Channel
5 (UK), Telefe (Argentina) and Paramount Channel, reach over 3.9 billion
cumulative television subscribers worldwide. Paramount Pictures is a
major global producer and distributor of filmed entertainment.
For more information about Viacom and its businesses, visit www.viacom.com.
Keep up with Viacom news by following Viacom's blog at blog.viacom.com
and Twitter feed at www.twitter.com/viacom.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170222006504/en/
Jeremy Zweig, 212-846-7503
on behalf of Viacom
Sara Evans, 646-805-2066
Source: Viacom Inc.
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