Television

Karmazin to stay on at Viacom

MUMBAI: Global media major Viacom Inc. has sealed a deal to keep president and chief operating officer Mel Karmazin on board for another three years.

The long drawn-out management drama that ended months of speculation, gives Karmazin a contract extension that cedes ultimate authority to chairman-CEO Sumner Redstone. Viacom has also announced a new contract with Redstone. 

The Wall Street Journal was the first to break the news that Karmazin was indeed staying. Viacom's board met Wednesday afternoon to thrash out the final terms of the deal.

Viacom's Big 2 Sumner Redstone (left) and Mel Karmazin - keeping egos aside to work together. (Picture courtesy news.bbc.co.uk)

The 79-year-old Redstone, who owns a controlling stake in Viacom, gave Karmazin effective operating control of the company when the two were negotiating Viacom's acquisition of CBS. The 59-year-old was CBS's chief executive before the merger, which was completed in May 2000 and is now considered one of the few media mergers that has been a success, agencies report.



The deal removes a major distraction at a time when Viacom's business is under pressure as the advertising market appears to be weakening ahead of the impending war with Iraq. The company gets about half its revenue from advertising, making it more exposed than most other media firms.

In a statement Thursday, Redstone was quoted as saying: "I am very pleased that Viacom will continue to benefit from Mel's leadership and talent. The CBS merger brought many great assets together under the Viacom name, and Mel has done a masterful job of integrating those businesses and operating them at peak performance. I look forward to continuing our successful partnership and taking Viacom to new heights in the years to come."

The company release quoted Karmazin as calling Redstone a great visionary.

New York-based Viacom had 2002 profits of $726 million on $24.6 billion in revenues, reversing a $224 million loss in 2001.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/23/ronaldino.jpg?itok=TcEjV3pB
Ronaldinho begins esports journey with own cryptocurrency

Brazilian soccer legend, Ronaldinho, has released a personalised cryptocurrency with the help of World Soccer Coin (WSC).

Television TV Channels Sports
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/23/star-plus.jpg?itok=iXAKRVJM
‘Kasauti Zindagi Kay’ season 2 to return on Star Plus

One of the love sagas by Ekta Kapoor, Kasauti Zindagi Kay is all set to hit the small screen after 17 years.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/23/axn.jpg?itok=n8G81iN2
AXN offers the best Reality shows in India

AXN, home to the best of English entertainment for the last 20 years

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/23/zee.jpg?itok=ERi3PRBu
Make way for an epic love saga this monsoon on Zee Anmol

Two people - diametrically different in their thoughts and ideas, following different paths in life! What will happen when these two come together

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/23/amy.jpg?itok=FUiytluM
Paramount TV chief Amy Powell fired over alleged insensitive remarks

After 14 years, chief of Paramount TV Amy Powell has been fired over alleged insensitive remarks – which she has emphatically denied.

Television TV Channels People
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/23/Colors.jpg?itok=wdcPBmpg
A 'Colors'ful decade

It seems just like yesterday. How oft we have heard that phrase being spoken. So much so that it appears banal. However, in the case of Colors – the general entertainment channel from the now Reliance Industries majority-owned Viacom18 – it is so apt. 10 years have gone by since it started.

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/23/ZMCL-800.jpg?itok=e3uk6F_M
ZMCL reports almost fivefold profit for Q1; DNA loss lower

The Essel group’s television news broadcasting arm Zee Media Corporation Ltd (ZMCL) reported a 386.3 per cent growth (almost five fold) in consolidated profit after tax (PAT) for the period ended 30 June 2018 (Q1 2019, quarter or period under review) as compared (year-on-year comparison, y-o-y) to...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/20/vinit.jpg?itok=KKGn2OLY
“We focus on digital to promote non-film music” - Vinit Thakkar

EMI Records India recently launched its own unique platform VYRL Originals which completed six months on 12 July. Every month, a single was released with the latest being Aaya Na Tu by Arjun Kanungo and Momina Mustehsan. EMI Records India was launched in May 2015 by Universal Music Group in...

Television TV Channels Music and Youth
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/07/20/star.jpg?itok=K3XoMVlt
Star Bharat experiments with early morning slot

Star Bharat is all set to experiment with weekend morning slot by launching a three-hour programming band from 5 August.

Television TV Channels GECs

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories