Robert Bakish Appointed Acting President and CEO, Having Led Viacom's
International Growth Since 2007
Will Draw on Significant Operating Experience & Track Record of
Innovation to Position Viacom for the Future
NEW YORK--(BUSINESS WIRE)--
The Board of Directors of Viacom Inc. (NASDAQ: VIAB, VIA) announced
today the appointment of Robert ("Bob") Bakish as Acting President and
Chief Executive Officer, effective November 15. He will succeed Tom
Dooley, who, as previously announced, will be leaving the Company.
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Bob Bakish (Photo: Business Wire)
Mr. Bakish, who has successfully built Viacom's international business
over the past 10 years, will lead efforts to strengthen Viacom going
forward. He will be responsible for accelerating the growth of Viacom's
industry-leading networks and reinvigorating Viacom's brands. He will
focus on investing in and developing new content, expanding distribution
and pursuing strategic growth opportunities in Viacom's core businesses.
Mr. Bakish is also being appointed to the new role of President and
Chief Executive Officer of the Viacom Global Entertainment Group. 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 Mr. Bakish.
Viacom's Kids and Family Group will be reestablished 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.
Mr. Bakish joined Viacom in 1997 and has held leadership positions
throughout the organization, most recently serving as President and CEO
of Viacom International Media Networks (VIMN), and its predecessor
company MTV Networks International, since 2007. In this role, Mr. Bakish
was responsible for all of Viacom's media networks and related
businesses outside the United States. Under his leadership, the
company's international business has built an unmatched global presence,
with Viacom's more than 200 TV channels reaching a cumulative 3.9
billion subscribers, and international revenue doubling during his
tenure.
"Bob's record of innovation and achievement at Viacom, combined with his
strategic vision and leadership ability, make him highly qualified for
this position," said Tom May, Chairman of the Board. "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."
Shari Redstone, Vice Chair of the Board, said, "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."
Mr. Bakish said, "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.
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."
About Bob Bakish
Bob Bakish has been 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 U.S. 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.
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 of 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., Channel 5 (UK), Logo, Nicktoons,
TeenNick 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 uncertainty stemming from ongoing transitions involving our board of
directors and management and related changes in strategy, including a
potential business combination with CBS Corporation; 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/20161031006168/en/
Media:
Viacom
Jeremy Zweig, 212-846-7503
jeremy@viacom.com
or
Finsbury,
on behalf of Viacom
Michael Gross, 646-805-2003
or
Sara
Evans, 646-805-2066
Source: Viacom Inc.
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