Viacom CEO Bob Bakish is set to unveil an ambitious plan to improve operations at the cable-programming outfit.
Bakish — a Viacom vet who was named CEO in December amid a vicious power struggle at the media giant — told shareholders at the firm’s annual investor meeting in New York that he hopes to restructure the company and would address so-called “points of pain.”
The conglomerate — which operates TV channels including Comedy Central, Nickelodeon and MTV, as well as the Paramount Pictures movie studio — reports fiscal first quarter earnings on Thursday. The company is controlled by the Redstone family, which owns 80 percent of the voting shares.
In recent weeks, Bakish has worked to get new slate financing in place at Paramount, which is set to release another Transformers movie this year.
New cash for movies will come after a deal was struck with Hua Hua Media and Shanghai Film Group to share the risk on new development.
At the cable networks, Bakish is using popular old favorites such as “Friends” to help draw viewers to newer shows on MTV.
“Other companies would kill for our brands,” he told shareholders in a quickie address.
Viacom’s Class B common stock on the Nasdaq jumped from $41.61 to $42.35 at 9:55 a.m. before falling back again.
Viacom was expected to roll up with CBS as part of a plan to put the two companies back together again. Controlling shareholder Shari Redstone, however, said the two companies would continue on their separate paths and agreed Bakish could have some time to execute his vision.
Bakish is racing the clock as distributor agreements with cable operators Charter Communications and Altice are coming due in the next 12 months.
His expertise is in running Viacom’s international unit. The firm said on Feb. 2 it will roll out its male-focused Spike channel in Russia in mid-March.
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