You will be redirected back to your article in seconds

Viacom CEO Vows to Address ‘Points of Pain’ and Unveil Strategic Plan This Week

Viacom president-CEO Bob Bakish vowed to address the media giant’s “points of pain” in the coming year during his address to shareholders Monday at the company’s annual shareholders meeting.

Bakish told board members and the handful of shareholders who attended the meeting at its Times Square headquarters that he would unveil “a new strategic vision and framework” for the company’s on Thursday after the release of its fiscal first quarter earnings.

“Despite all the noise surrounding this company, it’s important to recognize we have an incredibly strong foundation,” Bakish said.Bakish didn’t elaborate much but said his goal was to take a more “holistic” approach to managing the company’s assets, namely Paramount Pictures and its domestic and international cable operations. That includes implementing “a unified strategic view on how we’ll build digital scale,” he said.

Bakish specifically vowed to improve the performance of MTV and Paramount. He emphasized that Thursday’s presentation will include a “strategy for Paramount going forward” to turn around the struggling studio. He talked up the importance of the film co-financing deal that Paramount struck last month with China’s Shanghai Media Group and Huahua Media. The agreement “will help de-risk Paramount, improve the studio’s financial performance and strengthen our balance sheet,” Bakish told investors.

The formal business portion of the meeting lasted under 10 minutes as five proposals — two of which had to do with advisory shareholder votes on executive compensation — were all swiftly approved with no questions by more than 95% margins, thanks to the overwhelming voting control exercised by majority shareholder National Amusements, the holding company for Sumner Redstone’s empire.

Bakish gave a brief overview of the previous year, which was tumultuous as the Redstones sparred with former chairman-CEO Philippe Dauman before reaching a settlement agreement in August. Sumner Redstone also faced legal fights on both coasts over his mental competency. Viacom and the Redstone-controlled CBS Corp. also flirted with the idea of re-merging for a few months in the fall before National Amusements called it off.

Bakish said he confidence that Viacom would be able to return to growth as an independent company, and he cited his perception of a new “can-do spirit” among the company’s staffers now that the uncertainty about the company’s future has eased. “We are focused on addressing this company’s biggest points of pain and restoring topline growth,” he said.

One of the three queries from shareholders that Bakish fielded during the closing Q&A session was his view of the business climate in the U.S. under President Trump. “It’s very early days,” he said. “Nobody has a clear picture…(but) within that there’s a clear potential for an enhanced business climate which would be good for Viacom,” he said.

The meeting marked the formal transition of the Viacom board, which was remade last summer by Viacom vice chairman Shari Redstone. She recruited five new members who were again affirmed by voting shareholders on Thursday, while four past board members ended their tenures.

Shari Redstone attended the 9 a.m. meeting just hours after she arrived in New York from Houston, where the Bostonian was delighted by the New England Patriots’ rally to victory at the Super Bowl. She sees the Patriots’ come-from-behind win as a good omen for Viacom’s future fortunes. “I live for football and I live for this company,” Redstone said.

More Biz

  • Kevin Tsujihara

    Kevin Tsujihara's Ouster Kicks Off a Week of Major Disruption in the Media Business

    The sudden ouster of Warner Bros. Entertainment chief Kevin Tsujihara kicked off what is likely to go down as one of the most extraordinary weeks in Hollywood history, spelling enormous turmoil and transition across the media landscape. In addition to the news about Tsujihara, which comes amid a wider shake-up of leadership at AT&T’s WarnerMedia, [...]

  • Disney Fox mega deal acquisition Illustration

    Disney Completes 21st Century Fox Acquisition

    Before the East Coast airing of “Jimmy Kimmel Live!” ends tonight, Disney will formally seal the deal on its $71 billion acquisition of 21st Century Fox. “This is an extraordinary and historic moment for us — one that will create significant long-term value for our company and our shareholders,” Disney chairman-CEO Bob Iger said in [...]

  • Chinese Tech Firm Huawei Seeks Content

    Beleaguered Chinese Tech Firm Huawei Seeks Content for Expansion Into Southeast Asia

    One of the most surprising first-time attendees at FilMart is Chinese tech giant Huawei, which has come to Hong Kong to acquire the video content it needs to support its strategy of expansion into Southeast Asia. The company is currently embroiled in a PR nightmare as it defends itself against accusations that its equipment could [...]

  • Viacom HQ LA

    Viacom Goes to War With AT&T Over DirecTV Carriage Deal

    Viacom has declared war against AT&T, blasting the telco giant on several fronts as the companies wrestle over a carriage renewal deal that is vital to Viacom’s long-term financial health. As of today, Viacom has begun running crawls and promo spots on its channels warning viewers that Nickelodeon, Comedy Central, BET, MTV and other channels [...]

  • Peloton Sued for $150 Million for

    Peloton Sued for $150 Million for Using Drake, Lady Gaga Music Without License

    A group of publishers including Downtown Music Publishing, Pulse Music Publishing, ole, peermusic, Ultra Music, Big Deal Music, Reservoir, Round Hill, TRO Essex Music Group and The Royalty Network filed a lawsuit against Peloton for infringement of more than a thousand musical works, according to a statement from the National Music Publishers Association. The plaintiffs are [...]

  • Bruce Ramer Re-Appointed to Corporation for

    Bruce Ramer Re-Appointed to Corporation for Public Broadcasting Board

    Top showbiz attorney Bruce Ramer has been reappointed to the board of the Corporation for Public Broadcasting, the nonprofit org that administers federal funding for public broadcasting. Ramer, a partner at Gang, Tyre, Ramer, Brown & Passman, was elected chair of the CPB board in October. He previously served as board chair from 2010-2012. His [...]

  • Gary Knell

    Listen: National Geographic Chief Gary Knell on Disney Future, Fox's Legacy

    The marriage of National Geographic Partners and Disney, which becomes official today, is the proverbial brand match made in heaven. Disney is taking over the stewardship of Nat Geo Partners — a joint venture with the National Geographic Society — as part of its acquisition of 21st Century Fox. The transition comes at a time [...]

More From Our Brands

Access exclusive content