Viacom-interim-ceo-tom-dooley

Viacom Interim CEO Tom Dooley to Depart on Nov. 15

by Paige Albiniak  |  09.21.2016

Stability was short-lived at beleaguered Viacom as the company said Wednesday that interim CEO Tom Dooley will depart on November 15 and that it was slashing its dividend in half, freeing up some $300 million in cash.

“While this was a difficult decision for me, I have great admiration for our new board and I feel that they will be best able to execute on their vision for the company in the hands of a new president and CEO,” Dooley said in a prepared statement. “I am certain that the board will make the most of the company’s extraordinary potential.”

Who will replace Dooley is still a matter of speculation.

The company also officially said it was no longer seeking to sell a minority stake in Paramount Pictures, something that had been a priority under former CEO Philippe Dauman, who departed earlier this month after losing a prolonged fight with Shari Redstone, daughter of Viacom Chairman Sumner Redstone.

“While there is more work to do, the actions announced today are an important first step towards realizing the value of Viacom’s exceptional assets and positioning the company for the future,” Ms. Redstone said in a statement.

According to the Wall Street Journal, Dooley’s affiliation with Viacom’s old guard made it too hard for him to be the change agent the corporation needs after seeing the share price for its Class B shares drop 55% in the last two years. Ratings at Viacom’s cable networks — including Comedy Central, MTV, Viacom, Nickelodeon and more — also have dropped off significantly.

READ MORE: The Wall Street Journal, Variety

← Back

New from Daily Brief

Brand/Rebrand: Pogo
London-based Art&Graft gives Indian kids' channel bright, fun refresh.
HOT SPOT: KXTV Sacramento 'Bla Bla Land'
ABC10's "Morning Blend" team gamely took on this promo inspired by Oscar-winner "La La Land."
Nielsen Prepares to Reveal Total Content Ratings
New, long-awaited ratings metric will include all unduplicated video consumption across linear and digital platforms and devices.
ABC's 89th Annual Academy Awards Are Second Least-Viewed in History
Nearly 33 million tune in to awards show that ended with biggest mistake ever made on Oscar stage.
Big Chief Help Mercedes-Benz 'Steal The Show' in ABC Pre-Oscars Promo
Congratulatory spot premiered during ABC’s "On The Red Carpet" pre-show.
How Luna Became the Loudest Loud
Nutmeg Creative tells Luna Loud’s story, “Behind the Music”- style.
Mar 13
PromaxBDA Europe Conference 2017
Apr 27
PromaxGAMES: The Summit 2017
Apr 27
PromaxGAMES Awards 2017
Jun 5
The Conference 2017
Jun 8
PromaxBDA Promotion, Marketing and Design North America Awards 2017
Jun 8
PromaxBDA Promotion, Marketing and Design Global Excellence Awards 2017
Gamespot Advertisement Variety Advertisement