Board of Directors Discontinue Exploration of Potential Combination
with CBS
NEW YORK--(BUSINESS WIRE)--
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.
Mr. Bakish has served as Acting President and Chief Executive Officer of
Viacom since November 15. He has 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.
Tom May, Chairman of the Board, 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."
Shari Redstone, Vice Chair of the Board, 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."
Bob Bakish, President and Chief Executive Officer, 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."
About Bob Bakish
Prior to his Acting CEO role, Bob Bakish was President and CEO of Viacom
International Media Networks (VIMN), and its predecessor company MTV
Networks International, since 2007, with oversight of all of Viacom's
media networks and related businesses outside the U.S. In this role, he
drove 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., and Telefe in Argentina.
Under Bakish, the company consistently grew profitability while
expanding its TV, online and geographic footprint. Viacom's 200 plus TV
channels now reach a cumulative 3.9 billion 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 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,
Argentina, Mexico, Brazil, China, Russia and Africa.
Previously, Mr. Bakish was President, MTV Networks International,
running MTVN's operations outside the U.S. He previously served as EVP,
Operations and Viacom Enterprises, and prior to that as EVP and Chief
Operating Officer, MTV Networks Advertising Sales. Prior to joining MTV
Networks, Mr. Bakish was SVP, Planning, Development and Technology at
Viacom. Before joining Viacom in February 1997, Mr. Bakish was a partner
with Booz Allen & Hamilton in its Media and Entertainment practice.
Mr. Bakish received an M.B.A. from the Columbia Business School in 1989
and a B.S. in Operations Research from Columbia's School of Engineering
and Applied Science in 1985.
About Viacom
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.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains both historical and forward-looking
statements. All statements that are not statements of historical fact
are, or may be deemed to be, forward-looking statements. Forward-looking
statements reflect our current expectations concerning future results,
objectives, plans and goals, and involve known and unknown risks,
uncertainties and other factors that are difficult to predict and which
may cause future results, performance or achievements to differ. These
risks, uncertainties and other factors include, among others: the effect
of recent changes in management and our board of directors; the public
acceptance of our brands, programs, motion pictures and other
entertainment content on the various platforms on which they are
distributed; the impact of inadequate audience measurement on our
program ratings and advertising and affiliate revenues; technological
developments and their effect in our markets and on consumer behavior;
competition for content, audiences, advertising and distribution; the
impact of piracy; economic fluctuations in advertising and retail
markets, and economic conditions generally; fluctuations in our results
due to the timing, mix, number and availability of our motion pictures
and other programming; the potential for loss of carriage or other
reduction in the distribution of our content; changes in the Federal
communications or other laws and regulations; evolving cybersecurity and
similar risks; other domestic and global economic, business, competitive
and/or regulatory factors affecting our businesses generally; and other
factors described in our news releases and filings with the Securities
and Exchange Commission, including but not limited to our 2016 Annual
Report on Form 10-K and reports on Form 10- Q and Form 8-K. The
forward-looking statements included in this document are made only as of
the date of this document, and we do not have any obligation to publicly
update any forward-looking statements to reflect subsequent events or
circumstances. If applicable, reconciliations for any non-GAAP financial
information contained in this news release are included in this news
release or available on our website at http://www.viacom.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161212006121/en/
Media:
Viacom
Julia Phelps, 212-846-5288
Julia.Phelps@vimn.com
or
Finsbury,
on behalf of Viacom
Michael Gross, 646-805-2003
or
Sara
Evans, 646-805-2066
Source: Viacom Inc.
News Provided by Acquire Media