Bob Bakish, who has been with Viacom Inc. for 19 years, will become acting president and chief executive when interim CEO Tom Dooley steps down on Nov. 15,
the
Wall Street Journal
reported.
Bakish is currently CEO of Viacom International Media Networks.
“The choice of an internal candidate and a temporary-sounding title is a possible indicator that Viacom expects to reunite soon with corporate sibling CBS Corp., from which it was split off a decade ago,” the
Journal
article said.
Sumner Redstone, the controlling shareholder of both companies, would like them to merge. “Analysts expect a combined company would be run by CBS CEO Les Moonves, a darling of Wall Street and an ally of Shari Redstone, daughter of the 93-year-old Mr. Redstone,” the article said.
Viacom also reorganized to form Viacom Global Entertainment Group, which combines the company’s International Media Networks unit with its Music and Entertainment Group, the
Journal
report said. Bakish was also named president and CEO of Viacom Global Entertainment Group.
Bakish is Viacom’s third CEO in four months. Former CEO Philippe Dauman was ousted after a power struggle over the summer, the report noted. (Source:
Wall Street Journal
, Nov. 1, 2016.)
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