Viacom confirms Bakish’s CEO role

US entertainment conglomerate Viacom has confirmed Bob Bakish as its permanent president and CEO on the same day that the possible re-merger between CBS and Viacom was called off.

Bob Bakish

Viacom has confirmed that Bakish, who has held the interim position since the start of November, will take on the new role of president and CEO of Viacom Global Entertainment Group.

This combines the international businesses with Viacom’s Music and Entertainment Group, comprising MTV, Comedy Central, VH1, Spike and Logo. TV Land and CMT will also join the newly formed group.

Bakish stepped in to take over from Tom Dooley who had been promoted to replace president and CEO Philippe Dauman in August, following the latter’s long-running legal stand-off with the company’s controlling Redstone family.

Dooley subsequently announced he would be leaving just three months later.

Bakish said: “I am honoured to be chosen by the board to lead Viacom, its world-class brands and exceedingly talented people. I believe unequivocally in this company and its potential to create new opportunities and drive greater value as our business evolves and our industry transforms.”

His appointment came as the mooted re-merger between Viacom and CBS Corp, which is also owned by the Redstone Family, was called off.

In a letter to the CBS and Viacom boards, Shari Redstone and her father, Sumner Redstone, said the two firms should continue on independent paths “based on our assessment of the strengths, progress, and future prospects of both companies.”