Viacom Names Bob Bakish as Permanent CEO as CBS Merger Evaporates

“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,” Viacom board vice chairperson Shari Redstone said.

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.

The company’s stock price has basically halved since its height two years ago in the midst of troubled performance by cable networks like MTV and Comedy Central as well as the Paramount movie studio.