Paramount Global CEO Bob Bakish is officially out at the company.
The entertainment conglomerate — in the middle of a sales process — is turning to a handful of top executives to run the company.
Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three executives will work with the Paramount board and CFO Naveen Chopra.
According to Paramount’s quarterly report, Bakish will officially step down on Tuesday, and has agreed to remain employed by the company through Oct. 31 as a “senior advisor.”
The dramatic change comes as Paramount is in the middle of an exclusive negotiating window with a potential buyer group consisting of David Ellison’s Skydance, RedBird Capital and Kkr, with talks circling a plan that would keep Paramount public but with Skydance and RedBird executives effectively running things and executing a new strategy.
The entertainment conglomerate — in the middle of a sales process — is turning to a handful of top executives to run the company.
Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three executives will work with the Paramount board and CFO Naveen Chopra.
According to Paramount’s quarterly report, Bakish will officially step down on Tuesday, and has agreed to remain employed by the company through Oct. 31 as a “senior advisor.”
The dramatic change comes as Paramount is in the middle of an exclusive negotiating window with a potential buyer group consisting of David Ellison’s Skydance, RedBird Capital and Kkr, with talks circling a plan that would keep Paramount public but with Skydance and RedBird executives effectively running things and executing a new strategy.
- 4/29/2024
- by Alex Weprin and Georg Szalai
- The Hollywood Reporter - Movie News
Amid the M&a drama enveloping Paramount Global, Bob Bakish is about to step down as CEO after eight years at the helm of Shari Redstone’s media empire.
Bakish is expected to resign under pressure as early as Monday. The executive has been with Paramount and its Viacom predecessor since 1997. He was recruited by Redstone in 2016 to help bring order to a company that had descended into public legal brawling among shareholders and a battle for control between Redstone and former Viacom CEO Philippe Dauman. Word of Bakish’s pending exit first surfaced Friday in the Wall Street Journal.
At present, Paramount‘s board of directors is deep in exclusive acquisitions talks with Skydance Media and RedBird Capital. Another group, Sony Pictures and Apollo Global Management, is poised to field a formal all-cash offer for the company next week as the May 3 expiration date of the exclusive negotiating window with Skydance nears.
Bakish is expected to resign under pressure as early as Monday. The executive has been with Paramount and its Viacom predecessor since 1997. He was recruited by Redstone in 2016 to help bring order to a company that had descended into public legal brawling among shareholders and a battle for control between Redstone and former Viacom CEO Philippe Dauman. Word of Bakish’s pending exit first surfaced Friday in the Wall Street Journal.
At present, Paramount‘s board of directors is deep in exclusive acquisitions talks with Skydance Media and RedBird Capital. Another group, Sony Pictures and Apollo Global Management, is poised to field a formal all-cash offer for the company next week as the May 3 expiration date of the exclusive negotiating window with Skydance nears.
- 4/27/2024
- by Cynthia Littleton
- Variety Film + TV
Twenty-four hours after a big night at the Emmys, which included a win for best drama series, the cast of Succession reunited for a rare Q&a discussion in Los Angeles.
Brian Cox, Kieran Culkin, Matthew Macfadyen, Nicholas Braun, J. Smith Cameron, Alan Ruck, creator Jesse Armstrong and director Mark Mylod took part in the conversation on the Paramount lot, with Seth Meyers serving as moderator and joking that Jeremy Strong, Sarah Snook and Alexander Skarsgård were not in attendance as they “are in production in a spin-off of Succession that nobody else here is in.”
Early on in the chat, Cox recalled Armstrong telling him that his character Logan Roy would die midway through the fourth and final season, teasing, “I was given the ultimate short shrift. ‘Get the fuck off the set. We don’t want to see you anymore, we’ve had enough of you, you’ve...
Brian Cox, Kieran Culkin, Matthew Macfadyen, Nicholas Braun, J. Smith Cameron, Alan Ruck, creator Jesse Armstrong and director Mark Mylod took part in the conversation on the Paramount lot, with Seth Meyers serving as moderator and joking that Jeremy Strong, Sarah Snook and Alexander Skarsgård were not in attendance as they “are in production in a spin-off of Succession that nobody else here is in.”
Early on in the chat, Cox recalled Armstrong telling him that his character Logan Roy would die midway through the fourth and final season, teasing, “I was given the ultimate short shrift. ‘Get the fuck off the set. We don’t want to see you anymore, we’ve had enough of you, you’ve...
- 1/17/2024
- by Kirsten Chuba
- The Hollywood Reporter - Movie News
Paramount Global CEO Bob Bakish said the Disney-Charter carriage dispute took a “notable” financial toll on many pay-tv stakeholders, but he touted his efforts to “modernize” the company’s distribution relationships for the streaming era.
Speaking at the Goldman Sachs Communacopia + Tech Conference, Bakish said last Friday was “obviously a notable day for the industry.” That was the first trading day after 18 Disney cable networks and eight ABC stations went dark on Charter’s Spectrum TV service. It brought a collective $15 billion hit to the market value of a number of programmers and operators, Bakish estimated, as the carriage impasse “was interpreted as a negative” by investors. Nevertheless, he continued, “all companies are not of the same point of view” when it comes to co-ordinating their efforts across linear TV, streaming and other lines of business.
While there has been considerable angst about whether Charter, the No. 2 U.S. cable operator,...
Speaking at the Goldman Sachs Communacopia + Tech Conference, Bakish said last Friday was “obviously a notable day for the industry.” That was the first trading day after 18 Disney cable networks and eight ABC stations went dark on Charter’s Spectrum TV service. It brought a collective $15 billion hit to the market value of a number of programmers and operators, Bakish estimated, as the carriage impasse “was interpreted as a negative” by investors. Nevertheless, he continued, “all companies are not of the same point of view” when it comes to co-ordinating their efforts across linear TV, streaming and other lines of business.
While there has been considerable angst about whether Charter, the No. 2 U.S. cable operator,...
- 9/6/2023
- by Dade Hayes
- Deadline Film + TV
Cinedigm CEO Chris McGurk says the company plans to buy back up to 10 million shares of its beleaguered stock over the next 12 months as it looks to avoid getting delisted from the Nasdaq.
In a letter to shareholders, the former senior exec at Universal, Disney and MGM who has been in the top job at Cinedigm since 2011 also said the company plans to rename itself in the coming months. Having recently wrapped a years-long effort to shift its strategic focus from cinema technology to streaming, the company sees the rebrand as helping it to “reflect this momentous turning point” and “accentuate our position and narrative,” McGurk wrote.
Shares in Cinedigm gained 5% on nearly triple their average trading volume to close at 52.5 cents. That’s roughly the mid-point of the stock’s range over the past year, but also well below the one-dollar threshold established by the Nasdaq for all companies listed on its exchange.
In a letter to shareholders, the former senior exec at Universal, Disney and MGM who has been in the top job at Cinedigm since 2011 also said the company plans to rename itself in the coming months. Having recently wrapped a years-long effort to shift its strategic focus from cinema technology to streaming, the company sees the rebrand as helping it to “reflect this momentous turning point” and “accentuate our position and narrative,” McGurk wrote.
Shares in Cinedigm gained 5% on nearly triple their average trading volume to close at 52.5 cents. That’s roughly the mid-point of the stock’s range over the past year, but also well below the one-dollar threshold established by the Nasdaq for all companies listed on its exchange.
- 3/2/2023
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
Finding a new host for The Daily Show wasn’t on anyone’s to-do list at Comedy Central. Not anytime soon, anyway. That changed Sept. 29, as the face of the network’s late night franchise, Trevor Noah, revealed on air that he’d be stepping down after seven years in the role. Until then, executives including Noah’s boss, MTV Entertainment Group CEO Chris McCarthy, who’d had lunch with Noah the previous day, believed he would be staying put at least through the 2023-24 season. After all, he had re-upped his eight-figure deal for two more years at parent company Paramount Global in June. Then, in a stunning twist, Noah announced that he was done.
“We were completely shocked,” says one high-ranking insider, with others there acknowledging they’d watched Noah’s signoff with mouths agape. The South African comedian, who gathered...
Finding a new host for The Daily Show wasn’t on anyone’s to-do list at Comedy Central. Not anytime soon, anyway. That changed Sept. 29, as the face of the network’s late night franchise, Trevor Noah, revealed on air that he’d be stepping down after seven years in the role. Until then, executives including Noah’s boss, MTV Entertainment Group CEO Chris McCarthy, who’d had lunch with Noah the previous day, believed he would be staying put at least through the 2023-24 season. After all, he had re-upped his eight-figure deal for two more years at parent company Paramount Global in June. Then, in a stunning twist, Noah announced that he was done.
“We were completely shocked,” says one high-ranking insider, with others there acknowledging they’d watched Noah’s signoff with mouths agape. The South African comedian, who gathered...
- 10/5/2022
- by Lacey Rose and Lesley Goldberg
- The Hollywood Reporter - Movie News
Click here to read the full article.
Addicted to Succession? Well, here’s the real thing: An explosive new book will spill all about the power struggle to control Paramount.
Penned by two acclaimed New York Times reporters — James B. Stewart and Rachel Abrams — Unscripted: The Epic Battle for a Media Empire and the Redstone Family Legacy promises a juicy glimpse behind the scenes of the media empire built by Sumner Redstone, the colorful and cutthroat chairman of ViacomCBS (renamed Paramount in February) who died in 2020 at 97.
The Hollywood Reporter can exclusively reveal the cover of the book, on sale Feb. 14, 2023, which features six central figures of the saga seated around a conference table beneath a looming portrait of the late mogul.
Pictured from left are Redstone’s girlfriend Manuela Herzer, former Viacom chief Philippe Dauman, Redstone’s grandson Brandon Korff, ex-Redstone girlfriend Sydney Holland, CBS chairman Les Moonves and Redstone’s daughter Shari Redstone,...
Addicted to Succession? Well, here’s the real thing: An explosive new book will spill all about the power struggle to control Paramount.
Penned by two acclaimed New York Times reporters — James B. Stewart and Rachel Abrams — Unscripted: The Epic Battle for a Media Empire and the Redstone Family Legacy promises a juicy glimpse behind the scenes of the media empire built by Sumner Redstone, the colorful and cutthroat chairman of ViacomCBS (renamed Paramount in February) who died in 2020 at 97.
The Hollywood Reporter can exclusively reveal the cover of the book, on sale Feb. 14, 2023, which features six central figures of the saga seated around a conference table beneath a looming portrait of the late mogul.
Pictured from left are Redstone’s girlfriend Manuela Herzer, former Viacom chief Philippe Dauman, Redstone’s grandson Brandon Korff, ex-Redstone girlfriend Sydney Holland, CBS chairman Les Moonves and Redstone’s daughter Shari Redstone,...
- 10/4/2022
- by Seth Abramovitch
- The Hollywood Reporter - Movie News
CBS just turned Sumner Redstone’s former board seat over to Robert Klieger — the lawyer who defended the mogul last year in his battle to oust former Viacom CEO Philippe Dauman — the company says in an SEC filing. Klieger focuses on entertainment and intellectual property litigation at Hueston Hennigan. His clients have included companies Redstone owns — such as CBS, Paramount Pictures, MTV and Nickelodeon — as well as Electronic Arts and Disney. CBS says that Klieger…...
- 7/28/2017
- Deadline TV
Viacom just added a well-known, and respected, exec to its communications bench: Justin Dini has joined the entertainment company as Svp Corporate Communications, reporting to Communications & Culture Svp Julia Phelps. Dini moves from Brunswick Group, where he was a partner and co-led the U.S. Technology, Media and Telecom practice. He repped Viacom owner National Amusements last year during its court battles with former Viacom CEO Philippe Dauman and repped Relativity…...
- 7/24/2017
- Deadline
AOL boss Steve Case, you’ve got hate mail — according to a study by crowd-sourced business insights firm Owler 19. Tim Armstrong, AOL — 44.4/100 18. Charlie Vogt, Imagine Communications — 53.5 /100 17. nm2880042 autoBrian L. Roberts[/link], Comcast — 56.9 /100 16. Richard L. Plepler, HBO — 60.5 / 100 15. Peter Hamilton, Tune — 62.5/100 14. James C. Smith, Thomson Reuters — 66.8/100 13. Thomas Dooley, Viacom — 70.5/100 In November 2016, Bob Bakish was named acting CEO when Dooley stepped down just months after becoming interim chief executive following the ouster of Philippe Dauman. 11. Mike Hopkins, Hulu — 71.5/100 (tie) 11. Jeffrey Bewkes, Time Warner —...
- 6/1/2017
- by Thom Geier
- The Wrap
Brad Grey, producer, manager and the former chairman and CEO of Paramount Pictures, has died. He was 59 years old. His family sent a statement to TheWrap Monday morning, saying he “passed away yesterday evening at his home in Holmby Hills, CA with his family by his side. The cause of death was cancer.” In February, Grey stepped down from his position at Paramount Pictures, seven months after a tense legal battle between one of his closest partners at the studio, former Viacom chairman Philippe Dauman, and Shari Redstone, daughter of Sumner Redstone. The elder Redstone’s failing health forced him to step.
- 5/15/2017
- by Beatrice Verhoeven
- The Wrap
Philippe Dauman, we’ve got good news and bad news: Last year, the then-Viacom exec made the most money of his life: $93 million, to be exact. These days, Dauman’s probably spending some of that on the golf course. Oh, and he has no good business reason left to just play nine holes. Of course, Dauman’s golden parachute had nothing on DreamWorks Animation boss Jeffrey Katzenberg’s more than $400 million windfall from the sale of his studio to Comcast’s NBCUniversal. Aside from that cash-out on his equity in Dwa, Katzenberg pocketed $44.5 million in payments relating to the company’s change of.
- 4/23/2017
- by Tony Maglio and Matt Pressberg
- The Wrap
As veteran executive Brad Grey prepares to step down from the top job at Paramount Pictures, who will take the reins at Viacom’s legendary studio, and how will they right a ship carrying $445 million in losses from its last fiscal year? After Viacom survived a tumultuous power struggle between former CEO Philippe Dauman and Sumner and Shari Redstone (now firmly back in control of the media empire), it seemed that Grey had the full confidence of new Viacom CEO Bob Bakish. He also seemed to have firm marching orders: Make more movies and a lot more money. Also Read: Brad Grey in Talks to.
- 2/18/2017
- by Matt Donnelly
- The Wrap
Mop-headed Luke had just turned 5 a couple of weeks ago when I ended up standing in a Starbucks line next to his mother. I began wondering what, and where, and how, a kid like that will be watching video entertainment a few years from now.
Luke is part of Generation Z, the giant cohort of kids growing up right now, a cohort even bigger than the Millennials. And everyone’s scrambling to reach these kids as they head toward an even bigger role than the Millennials in shaping our dominant culture and tech. Normally, seeing a cute kid capering in a coffee shop doesn’t cartwheel my mind into the future. But I’d simultaneously been texting with a producer pal of mine, Max Gottlieb, about the fast-changing market for film and TV.
Back in October, Max premiered an ultra-low-budget movie chock full of influencers part of a promising new...
Luke is part of Generation Z, the giant cohort of kids growing up right now, a cohort even bigger than the Millennials. And everyone’s scrambling to reach these kids as they head toward an even bigger role than the Millennials in shaping our dominant culture and tech. Normally, seeing a cute kid capering in a coffee shop doesn’t cartwheel my mind into the future. But I’d simultaneously been texting with a producer pal of mine, Max Gottlieb, about the fast-changing market for film and TV.
Back in October, Max premiered an ultra-low-budget movie chock full of influencers part of a promising new...
- 2/10/2017
- by David Bloom
- Tubefilter.com
Bob Bakish was a keynote speaker at the Natpe confab in Miami on Wednesday, one of his first public appearances since being named permanent CEO of Viacom in December. In a Q&A, Bakish talked about the importance of bringing in the right people, not only on a management level but on all levels. He also acknowledged the drama Viacom went through the past 12-18 months. It was during that time that longtime CEO Philippe Dauman exited after a legal battle with Viacom's…...
- 1/18/2017
- Deadline TV
Sumner Redstone won’t have a vote on Viacom’s board of directors following February’s annual meeting, the company announced Friday. He’ll continue on as company chairman emeritus, however. “Mr. Redstone will continue to participate in meetings of the Board in a non-voting role,” a company filing read. The ailing 93-year-old media mogul had been casting a “yay” or “nay” up until now. Also Read: Philippe Dauman Made $93 Million in Final Viacom Year As also covered in the SEC proxy statement, Redstone’s former protege Philippe Dauman made $93 million in fiscal 2016. Of course, a giant chunk of that...
- 12/16/2016
- by Tony Maglio
- The Wrap
For a guy who got fired, Philippe Dauman had a pretty good year at Viacom — financially, at least. Though Dauman was forced to walk away from the company in August, he did so with $93 million in the bank. Last year, the former Viacom CEO earned $54.2 million — so, quite a healthy increase this time around. Of course, the lion’s share of 2016’s bump came from his golden parachute, which is captured below in the catch-all phrase “all other compensation.” Here’s how Dauman’s 2016 pay breaks down: $3.6 million in salary $13.8 million in stock awards $7.5 million in option awards $9.7 million in non-equity.
- 12/16/2016
- by Tony Maglio
- The Wrap
Viacom has named international vet Robert Bakish its acting president and CEO. He’ll officially start the company’s top gig on Nov. 15, when Tom Dooley steps down. Dooley actually only took over for Philippe Dauman about two months ago. Bakish will take those same two titles at newly formed business unit Viacom Global Entertainment Group. That umbrella setup combines his International Media Networks with the company’s Music and Entertainment Group, which houses MTV, Comedy Central, VH1, Spike and Logo. Bakish was already president and chief executive officer at International Media Networks. TV Land and Cmt will join the consolidated portfolio,...
- 10/31/2016
- by Tony Maglio
- The Wrap
Viacom has promoted Bob Bakish, CEO and president of Viacom International Media Networks unit, to the post of acting president and CEO of the entire entertainment conglomerate, which boasts such assets as Paramount Pictures, MTV and Nickelodeon. Viacom had announced in September that interim CEO Tom Dooley would depart in mid-November. The news was the latest major company development following the ouster of Philippe Dauman in the battle for control of the media giant. National Amusements, through which Sumner Redstone and daughter Shari Redstone control Viacom and CBS, has asked both companies to begin researching a possible recombination. The question
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- 10/27/2016
- by Georg Szalai, Paul Bond
- The Hollywood Reporter - Movie News
The richest man in China is coming to a theater near you. He might already own it. And Washington has taken notice. Chinese mega-conglomerate Dalian Wanda Group, owned by Wang Jianlin, its wealthiest man, has been snapping up entertainment assets from AMC Theaters to Legendary Entertainment. AMC is in the process of acquiring Carmike Cinemas, making it America’s largest exhibitor, and Wanda is also in discussions to snag Golden Globes producer Dick Clark Productions — and was a leading candidate to buy a minority stake in Paramount Pictures before deposed Viacom CEO Philippe Dauman lost a power struggle. A handful of.
- 10/9/2016
- by Matt Pressberg
- The Wrap
Various book proposals that have circulated among publishing houses about the endless Redstone family and Viacom debacle have generally encountered a similarly tepid response: There’s no hero in the story. Everybody is reduced by it. Everybody looks bad. Ugh. But sometimes the hero doesn’t step out of the shadows until all the killing has been done. Now Leslie Moonves takes center stage. The chairman and CEO of CBS Corp., which represents the other half of the Redstone family holdings, has so far been the don’t-look-at-me figure in this drama. While his counterpart at Viacom, Philippe Dauman —
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- 10/3/2016
- by Michael Wolff
- The Hollywood Reporter - Movie News
There's an "A" narrative and a "B" narrative to the future of Viacom — both seeming to come from the same source. In the A narrative, the board of the beleaguered media company will emphasize good governance principles in its search for a new CEO after the ouster of Philippe Dauman and the Sept. 21 reveal that the company will look beyond interim CEO Tom Dooley. National Amusements, Sumner Redstone's family company that controls the voting shares and which now is controlled by his daughter, Shari, will not meddle in operations. Installing management that can lead a Viacom turnaround is
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- 9/28/2016
- by Michael Wolff
- The Hollywood Reporter - Movie News
Redef Group CEO Jason Hirschhorn kicked off the 2016 edition of TheGrill by blasting Viacom’s management, calling the embattled media conglomerate’s strategy over the last few years “the biggest destruction of value I’ve seen in my life.” At TheWrap’s annual conference at the Montage Beverly Hills, Hirschhorn, a former Viacom executive himself, said the company’s board failed its employees and investors — and only seemed to enrich its management, such as former Viacom CEO Philippe Dauman and eternal head honcho Sumner Redstone. “It’s the story of a board that did not act and really went against...
- 9/26/2016
- by Matt Pressberg
- The Wrap
Viacom on Wednesday lost its interim CEO Thomas Dooley, slashed its dividend and made official something that long been suspected: that former CEO Philippe Dauman’s proposed sale of a minority stake in Paramount Pictures will not be happening. That’s a final victory for Viacom Chairman Emeritus Sumner Redstone, but analysts think Viacom’s other shareholders could be the big losers. “The divestment of Paramount was critical to value support,” Michael Nathanson at MoffettNathanson wrote in a Wednesday note, joining a string of analysts who have endorsed Dauman’s idea to monetize Paramount. Nathanson calculated that the decision not...
- 9/22/2016
- by Matt Pressberg
- The Wrap
While Tom Dooley’s tenure at Viacom lasted 30 years, the Tom Dooley Era there lasted about 30 days. Dooley was tapped as interim president and chief executive officer on Aug. 20, replacing the embattled Philippe Dauman at the top. On Sept. 21, Dooley announced he’ll be leaving the company. While it may feel like Dooley was always going to be temporary, no one thought he’d be this temporary. But what does it all mean? Also Read: Viacom's New Interim CEO Tom Dooley to Depart Company - Yes, Already For starters, this definitely opens the door for a new chief, but...
- 9/21/2016
- by Tony Maglio
- The Wrap
Viacom’s new interim CEO and president Tom Dooley is set to exit the company — yes, already. Additionally, the company announced on Wednesday that it has dropped its dividend payout and formally called off the search for a Paramount buyer, a minority stake sale that the Redstone family was always against. Dooley will stick around until November 15, 2016, an attempt to maintain some semblance of stability in the extreme short term. He only technically replaced Philippe Dauman within the past few weeks. Also Read: CBS Is 'Not in Active Discussions' to Re-Merge With Viacom, Les Moonves Says As for the dividend,...
- 9/21/2016
- by Tony Maglio
- The Wrap
CBS and Viacom are “not in active discussions” for a potential reunion, Leslie Moonves said on Thursday, adding, “or anything like that.” “We are a standalone public company,” the broadcast boss continued. “We’re really happy with the hand we are playing.” Moonves’ comments took place during the Beverly Hills-based Bank of America-Merrill Lynch 2016 Media, Communications and Entertainment Conference. He’ll take the stage next week at the east coast Goldman Sachs version. Also Read: Philippe Dauman Won't Pitch Wanda's Paramount Offer to Viacom Board in Person The question comes about amid struggles at Viacom, which recently saw Philippe Dauman stepping down as CEO.
- 9/15/2016
- by Tony Maglio
- The Wrap
The other day I had a minor epiphany while reading Tubefilter’s story about the person behind the current most-watched channel on YouTube. No, it wasn’t PewDiePie. And it wasn’t Justin Bieber. It was a four-year-old.
In July alone, toy-unboxing videos by Ryan_ToysReview attracted an astonishing 585.3 million views on YouTube. And here’s what really caught my attention. His parents/producers say his core audience is 3- to 7-year-olds. That’s a lot of toddlers taking to the tablets.
On the one hand, it makes perfect sense. Ryan is one of them, a diminutive stand-in for all their 4-year-old fantasies of opening new toys and playing with them. It’s Christmas every day! What kid doesn’t want to see that?
But then I thought back to my recent conversation with Seth Shapiro about how, back in the early days of network TV, Leonard Goldenson triangulated struggling...
In July alone, toy-unboxing videos by Ryan_ToysReview attracted an astonishing 585.3 million views on YouTube. And here’s what really caught my attention. His parents/producers say his core audience is 3- to 7-year-olds. That’s a lot of toddlers taking to the tablets.
On the one hand, it makes perfect sense. Ryan is one of them, a diminutive stand-in for all their 4-year-old fantasies of opening new toys and playing with them. It’s Christmas every day! What kid doesn’t want to see that?
But then I thought back to my recent conversation with Seth Shapiro about how, back in the early days of network TV, Leonard Goldenson triangulated struggling...
- 9/14/2016
- by David Bloom
- Tubefilter.com
Looks like fall has come early for Philippe Dauman. The French-born executive has essentially given up on Viacom weeks before he was scheduled to officially step down from the media giant. Instead of going to the Viacom Board of Directors to personally present Dalian Wanda offer for a 49 percent stake in Paramount Pictures — a proposal that Dauman had backed despite vocal opposition from Viacom mogul Sumner Redstone — the outgoing chairman now plans to recommend the deal via a memo. A source close to Viacom confirmed the change-of-heart to TheWrap. In June, parent company National Amusements, Inc. changed Viacom’s by-laws to block.
- 8/31/2016
- by Tony Maglio
- The Wrap
Philippe Dauman, the former Viacom CEO who is still non-executive chairman of the board, has effectively left the conglomerate, waiving a deal where he would present an offer from Dalian Wanda Group to purchase a 49 percent stake in Paramount Pictures. At the same time, the Viacom board could be facing a potential legal standoff with the top executive at the film studio. Those close to the situation tell The Hollywood Reporter that Dauman simply will submit a memo outlining Wanda's bid for a portion of the film studio rather than make his presentation in person to his fellow board
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- 8/31/2016
- by Paul Bond, Kim Masters
- The Hollywood Reporter - Movie News
It was supposed to be a fabulous trip to Italy in May for Michael Fricklas and his wife Donna to celebrate their 20th anniversary when word came down that the Redstones had removed Philippe Dauman and George Abrams from a Trust that holds a controlling voting stake in Viacom. Barely off the plane, the Viacom general counsel wouldn't get to tour the ancient Roman ruins nor have a romantic gondola ride in Venice. Fricklas had to turn around immediately and return to New York to take care of an escalating dispute that would roil Viacom over the following months. Now,
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- 8/25/2016
- by Eriq Gardner
- The Hollywood Reporter - Movie News
After one of the most extreme, outlandish and acrimonious boardroom dramas in major company history, it is an interesting task to get down to mapping the new normal at Viacom, prompting the question of whether there can actually ever be a new normal in the Redstone empire. But given that not long ago it rather looked like Sumner Redstone’s girlfriends and minders, Manuela Herzer and Sydney Holland, would be seated on his boards and voting his shares, it is now — after the settlement of various lawsuits and the departure of Viacom CEO and chairman Philippe Dauman and the end
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- 8/25/2016
- by Michael Wolff
- The Hollywood Reporter - Movie News
Viacom head of corporate communications Carl Folta resigned on Tuesday after being with the company for over two decades. His departure comes during a tumultuous time at Viacom, just days after Philippe Dauman was ousted as CEO. Folta, who joined the company when Viacom acquired Gulf+Western parent Paramount Communications in 1994, has recently had to defend Dauman during his feud with Sumner and Shari Redstone. Also Read: Viacom Reveals Extra-Golden Parachute for Philippe Dauman “Day in and day out, he literally had the hardest job in the company, and he handled it all with grace, skill and a smile,” interim...
- 8/24/2016
- by Debbie Emery
- The Wrap
Golden Parachutes: See How Much These 10 Execs Got Paid to Leave (Photos) The Viacom drama finally came to an end last week, as Philippe Dauman — once Sumner Redstone’s golden child — agreed to step away as CEO next month in exchange for a $72 million severance package. Philippe Dauman, Marissa Mayer and Michael Ovitz are among a handful of entertainment and tech executives who were handed handsome sums of money while they were being forced out the door. All totals are from SEC filings and other official sources. Here are some other executives whose firings were softened with a cushy golden...
- 8/23/2016
- by Matt Pressberg
- The Wrap
Don’t feel too bad for ousted Viacom boss Philippe Dauman — with a settlement like this, who needs to work? Viacom detailed Dauman’s estimated $72 million golden parachute Tuesday morning via a Securities and Exchange Commission filing. First and foremost, the former company chairman will get a check for $46.4 million on his release date, September 13. So long as he complies with his employee agreement — which includes a non-compete clause — he’ll get $11.6 million more in regular paychecks over the next 29 months or so. Plus, Dauman’s still eligible for a $20 million bonus for 2016. Since he...
- 8/23/2016
- by Tony Maglio
- The Wrap
Viacom in a regulatory filing early Tuesday published details of the settlement agreement with controlling shareholder Sumner Redstone that includes the previously announced departure of Philippe Dauman as president and CEO. The filing confirms that as part of his estimated $72 million-plus exit package Dauman is entitled to a severance payment of $58 million. Of that, $46.4 million "shall be payable on the release date," with the rest "paid in accordance with Viacom’s regular payroll practices over a period of approximately 29 months." In addition to that payment, he will get a prorated bonus with a
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- 8/23/2016
- by Georg Szalai, Eriq Gardner
- The Hollywood Reporter - Movie News
A judge has agreed to hear Sumner Redstone’s granddaughter’s request to review documents outlining the settlement between Viacom and National Amusements struck last week. Keryn Redstone had counter-sued during the three-month legal battle between her billionaire media-mogul grandfather and his formerly estranged daughter Shari, and was not involved in the settlement talks that resulted in former Viacom CEO Philippe Dauman’s exit from the company. According to Keryn Redstone’s attorney Pierce O’Donnell, she wants to review the terms of the settlement to ensure her grandfather’s interests are protected. Also Read: Sumner Redstone Sued by Granddaughter to Restore Philippe Dauman,...
- 8/23/2016
- by Matt Pressberg
- The Wrap
Peter Bart and Mike Fleming Jr. worked together for two decades at Daily Variety. In this weekly column, two old friends get together and grind their axes, mostly on the movie business. Bart: Shari Redstone finally succeeded in dumping Philippe Dauman over the weekend—a bountiful $72 million exit package helped persuade Philippe to go away. But now comes the tough question: Who will be entrusted to bring Viacom back to life? Having myself worked for three of the majors, I…...
- 8/22/2016
- Deadline TV
Peter Bart and Mike Fleming Jr. worked together for two decades at Daily Variety. In this weekly column, two old friends get together and grind their axes, mostly on the movie business. Bart: Shari Redstone finally succeeded in dumping Philippe Dauman over the weekend—a bountiful $72 million exit package helped persuade Philippe to go away. But now comes the tough question: Who will be entrusted to bring Viacom back to life? Having myself worked for three of the majors, I…...
- 8/22/2016
- Deadline
Following unanimous approval by the Boards of Directors of Viacom and National Amusements Inc. of a settlement in the ongoing dispute over Viacom leadership, Philippe Dauman has stepped down as president and CEO of Viacom. Thomas Dooley, Viacom Chief Operating Officer since 2010 and a 36-year company veteran, has been named interim president and CEO, and will serve in this position through the end of September. Sumner Redstone will remain Chairman Emeritus, and Shari…...
- 8/20/2016
- Deadline
Following unanimous approval by the Boards of Directors of Viacom and National Amusements Inc. of a settlement in the ongoing dispute over Viacom leadership, Philippe Dauman has stepped down as president and CEO of Viacom. Thomas Dooley, Viacom Chief Operating Officer since 2010 and a 36-year company veteran, has been named interim president and CEO, and will serve in this position through the end of September. Sumner Redstone will remain Chairman Emeritus, and Shari…...
- 8/20/2016
- Deadline TV
Viacom has ousted Philippe Dauman as its CEO and appointed Thomas Dooley as interim president and CEO in his place, the company officially announced on Saturday. In a news release, Viacom said Dauman will resign immediately as President and Chief Executive Officer of Viacom and will be succeeded by Thomas Dooley, who will serve as Interim President and CEO through September 30, 2016, the end of Viacom’s fiscal year, by which time the Board, working with Dooley, will make a decision on succession plans. Under the terms of the settlement, all lawsuits among Dauman, board members and Sumner Redstone and his.
- 8/20/2016
- by Rosemary Rossi
- The Wrap
Viacom Interim CEO Tom Dooley sought to assuage employee and investor fears with a memo distributed throughout the company following the ouster of Philippe Dauman on Thursday. “The agreement serves the best interests of Viacom, its shareholders, and you, our employees, and it paves the way for our future,” Dooley said in the memo obtained by TheWrap. “It was very important to me as well as Philippe, our Lead Independent Director Fred Salerno, and our entire Board that Viacom have continuity and stability to help us get back to full strength as quickly as possible.” “I truly believe that Viacom’s greatest accomplishments are.
- 8/19/2016
- by Joe Otterson
- The Wrap
Now that the drama atop Viacom appears to be settled, interim CEO Thomas Dooley can turn his attention to the embattled media conglomerate’s other problems, like sagging cable ratings and a disappointing movie studio. As part of a settlement reached late Thursday, CEO Philippe Dauman, once a protege of company founder Sumner Redstone, will exit the company next month, armed with a $72 million golden parachute. Former COO Dooley will assume the top job until at least Sept. 30. Here are three hot spots Dooley might want to attack first: Also Read: Philippe Dauman Ousted as Viacom CEO in Settlement With...
- 8/19/2016
- by Matt Pressberg
- The Wrap
Viacom watchers have more questions than answers about the company’s fate following last night’s board vote for a deal that reaffirms the power of controlling shareholder Sumner Redstone — and his daughter, Shari. The stock rose 1.5% today as everyone waited for lawyers to nail down the fine points. But the main terms make it a turning point for the country’s most troubled Big Media company. Philippe Dauman agreed to drop lawsuits seeking to retain his central role in…...
- 8/19/2016
- Deadline TV
Viacom watchers have more questions than answers about the company’s fate following last night’s board vote for a deal that reaffirms the power of controlling shareholder Sumner Redstone — and his daughter, Shari. The stock rose 1.5% today as everyone waited for lawyers to nail down the fine points. But the main terms make it a turning point for the country’s most troubled Big Media company. Philippe Dauman agreed to drop lawsuits seeking to retain his central role in…...
- 8/19/2016
- Deadline
Incoming Viacom CEO Tom Dooley sent an email Friday to the media giant’s 10,000 employees urging patience as the company’s board of directors pieces together a complex deal to oust Philippe Dauman as chief executive. "I will be working closely with our leadership team, the expanded Viacom Board and the Redstone family. I know we all share a desire to guide the company through this transition in the best possible way," he wrote. He added: "I want to recognize and thank my good friend Philippe, who has been such a big part of my life in and
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- 8/19/2016
- by THR Staff
- The Hollywood Reporter - Movie News
The battle for control of Viacom is over. Media mogul Sumner Redstone has emerged victorious in a dramatic tale of entertainment-industry gossip, legal wrangling and corporate intrigue that has captivated Hollywood for months. Philippe Dauman, the son of a famous Life magazine photographer who later climbed up the corporate ladder from his start as a financial lawyer, is out as chief executive of Viacom. He ruled over the media conglomerate behind MTV, Nickelodeon and Paramount Pictures since being named to the top post in 2006. He will continue as non-executive chairman until Sept. 13, according to the settlement reached Saturday. As part
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- 8/19/2016
- by Paul Bond and Georg Szalai
- The Hollywood Reporter - Movie News
With Philippe Dauman out as CEO of Viacom, his long-time lieutenant Tom Dooley, 59, has taken over, at least on an interim basis, and industry watchers say he will need to put all his financial, technology and people skills to use in an attempt to help turn around the company. Dooley has in the past been happy to work in the shadow of big personalities like Dauman and controlling shareholder Sumner Redstone, along with daughter Shari Redstone, but he will now take center stage. His immediate tasks will include boosting employee morale, strengthening investor sentiment and ensuring the support
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- 8/19/2016
- by Georg Szalai
- The Hollywood Reporter - Movie News
Philippe Dauman was ousted as CEO of Viacom on Thursday night during a meeting of the media giant’s board that ended a multi-pronged legal battle with the company’s founder, Sumner Redstone, and his daughter Shari Redstone, a person with knowledge of the situation told TheWrap. Viacom’s board has approved an agreement that would remove Dauman after 10 years as the top executive at the company and install COO Thomas Dooley as interim chief executive, effective immediately. A formal announcement is expected soon. Dauman, who is set to receive a golden parachute package worth $72 million, will remain non-executive chairman through September 13. Dooley will.
- 8/19/2016
- by Thom Geier and Tony Maglio
- The Wrap
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