Television

Tom Freston quits; Philippe Dauman named new Viacom CEO

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/smartcrop_800x800/public/images/tv-images/2016/08/23/Untitled-1_28.jpg?itok=N1aqjrC8

MUMBAI: Barely eight months after Viacom chairman Summer Redstone split the global media powerhouse into two units -- CBS Corp and Viacom Inc -- one of his anointed CEOs has announced his resignation.

Viacom CEO Tom Freston's decision, which was sudden and unexpected, comes at a time when the company's stock price was falling (down 20 per cent since January when the split from CBS became effective). The key properties under Freston's charge were MTV Networks, which he literally created and built, as well as Paramount Pictures.

Viacom announced today that the 60-year-old Freston was being replaced as president and CEO by Philippe P. Dauman.

The Viacom board also named Thomas E Dooley to the newly created position of senior executive vice president and chief administrative officer. Dauman will report to Redstone, while Dooley will report to Dauman.

Both Dauman, 52, and Dooley, 49, have previously held a number of executive positions at the company, and both currently serve on Viacom's board.

The official release quoted Freston as saying: "I've spent over 26 years at Viacom, 18 of them with Summer. With my exceptional colleagues, we built a worldwide powerhouse of brands and businesses, literally from scratch. I leave many good friends knowing that they have an unmatched track record, a great plan going forward and incredible abilities to execute on it in this digital age."

Official comments apart, it is clear that Freston was forced out by Redstone. Newswire service Associated Press quoted Redstone as telling analysts on a conference call that the board wanted a more entrepreneurial and aggressive management team that would have a closer relationship with investors.

Investors didn't seem too thrilled by the news though, sending the company stock down nearly 6 per cent in early trading.

But far more than the slip-sliding stock price, what probably had the biggest hand to play in Redstone's dumping a loyal lieutenant who built MTV into a global entertainment powerhouse was over Freston's failure to aggressively chase MySpace, the youth social networking phenomenon that has taken the world by storm.

It irks Redstone no end that a site that was a perfect fit as far as MTV's youth demographic is concerned was snapped up from right under Viacom's nose by Rupert Murdoch's News Corporation for what in hindsight has turned out to be a steal at $ 580 million.

"We bought a lot of little things and you can add it all up, but it's not MySpace," Redstone has been quoted as saying of the start-up that had been "sitting out there for a long time" before News Corp bought it out.

Freston's departure comes less than two weeks after Viacom announced it was parting ways with Hollywood superstar Tom Cruise's production company, ending a 14-year relationship. Redstone's stated reason for dumping Cruise was that his "erratic" behaviour made the association an unviable one.

Viacom's brands include MTV Networks (MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land, Logo and more than 120 networks around the world), BET Networks, Paramount Pictures, Paramount Home Entertainment, DreamWorks and Famous Music.

Latest Reads

http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/23/pp.jpg?itok=JSh0dBzs
CNBC Awaaz Goes Big With Market Hours

National: CNBC Awaaz, India’s leading Hindi business news channel, today revamped its market hours by roping in an impressive line-up of expertise in stock markets analysis. The Channel will take a deep dive to decode the stock markets and their implications on the economy on Weekdays from 7 am to...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/23/News_Channels.jpg?itok=zh38UR--
Hindi news channels continue strong run in 2018

BENGALURU:The combined total viewership of the top-five Hindi news channels shows that it has a huge audience when compared to the combined total viewership of the top-five news channels of each of the four South Indian languages individually. However, when audiences of the top-five news channels...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/23/ipl-18.jpg?itok=64wPnXK6
No reason for GECs to panic as IPL grabs eyeballs

MUMBAI: It is that time of the year when general entertainment channels (GECs), across languages, face the jitters over viewership numbers with the Indian Premier League (IPL) beginning its customary summer stint. Moreover, as the league begins a new innings with Star Sports, the host broadcaster...

Television TV Channels GECs
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/21/marc.jpg?itok=ZcwZDK53
The art of storytelling hasn't ever changed: Oggy creator Marc du Pontavice

MUMBAI: Since its launch, Oggy and the Cockroaches has generated fan after fan in various parts of the world. Furthermore, the slapstick French animated series has found a sweet spot in Indian kids.

Television TV Channels Kids
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/20/rahul.jpg?itok=iGneTCnu
Rahul Sarangi - Greymatter Entertainment @ Mip Formats

Mumbai, April 6, 2018: Co-founder & Director, Rahul Sarangi is the First Indian invited to be on the panel of Spot the Talent (Formats) @ MIP Formats – 7th April & 8th April 2018 at the Palais des Festivals et des Congres de Cannes in Cannes, France. Rahul will be a panelist amongst...

Television Production House Fiction
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/20/IPL_11.jpg?itok=gDssEbxF
IPL 11 catapults Star Sports 1 Hindi to second place in across genres

BENGALURU: The eleventh edition of the Indian Premier League (IPL) 11 began on Saturday, 7 April 2018, the first day of Broadcast Audience Research Council of India (BARC) week 15 of 2018. As has become a norm, the league poaches eyeballs from all other genres in the country on weekdays during...

Television TV Channels Viewership
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/20/Zoom_Myntra.jpg?itok=U9XS3_Ej
Zoom partners Myntra, expects 40% top line growth in 2018

MUMBAI: Zoom, the entertainment channel from the Times stable, is bridging the gap between the television and online mediums. In order to maximise its reach using three staple diets of Indians- fashion, Bollywood and entertainment-it has partnered online fashion and lifestyle company, Myntra, to...

Television TV Channels Music and Youth
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/19/CNBC.jpg?itok=Gkb_kCVL
CNBC Bajar honours reality maestros from Gujarat at 'CNBC Bajar Real Estate Awards 2018'

Ahmedabad, 19th April 2018: India’s leading Hindi news channel - CNBC Bajar hosted Real Estate Awards - Gujarat’s most credible and authoritative awards in the Real Estate industry. The 2018 edition of the awards felicitated builders, architects and contractors across Gujarat, who have carved a...

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2018/04/19/proma.jpg?itok=zAvzK541
PromaxBDA & India Radio Forum Onboard Moe's Art As 'Communication Partner'

Mumbai & Delhi, 18th April March: PromaxBDA India and India Radio Forum Awards 2018 - the two prestigious platforms that honour excellence in marketing and design, on television and in the radio industry respectively, have partnered with Moe’s Art - a multi-faceted communications firm with...

Television TV Channels Music and Youth

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories