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Viacom CEO: No sale for Paramount; MTV turnaround targeted

Jan. 18, 2017 5:38 PM ETViacom Inc. (VIA-OLD) StockVIA-OLD, VIABBy: Jason Aycock, SA News Editor3 Comments
  • Speaking at a Florida conference, recently named Viacom (VIA +1.4%, VIAB +2.8%) CEO Bob Bakish said he'll be more able to talk about a turnaround strategy in February, but a few priorities are clear.
  • Those include no sale for struggling Paramount Pictures ("It's going to stay") and a chance to move past corporate "drama" overall.
  • "I think it's fair to say that we live in a fascinating media world," Bakish said. "Against that backdrop, the last 12 to 18 months at Viacom has been one that's been filled with drama. And I think a lot has been lost in that ... and our stock has taken a hit.
  • "We needed an overall plan. We have great assets but the world is evolving. I see a very clear path forward."
  • That means a turnaround at struggling cable networks, one of which he called out by name: a declining MTV.
  • The youth-focused network has "struggled on the ratings perspective for a number of years" in the U.S., he says. "And that contrasts with MTV internationally. The first thing I did was look at management," which he shifted within days of being made interim chief.

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