Viacom Appoints Bob Bakish CEO; Discontinues Exploration Of Merger With CBS

(RTTNews) - Viacom Inc. (VIAB, VIA) said Monday that it has discontinued the exploration of a potential combination with CBS following receipt of National Amusements' letter and request, and dissolved the Special Committee that was formed to evaluate a potential transaction. It has appointed Bob Bakish as President and Chief Executive Officer and as a member of the Board, effective immediately.

Bakish has served as Acting President and Chief Executive Officer of Viacom since November 15. He has held leadership positions throughout the organization since joining in 1997, most recently serving as President and Chief Executive Officer of Viacom International Media Networks prior to his Acting CEO role.

Prior to his Acting CEO role, Bob Bakish was President and CEO of Viacom International Media Networks, and its predecessor company MTV Networks International, since 2007, with oversight of all of Viacom's media networks and related businesses outside the U.S.

Earlier today, National Amusements Inc., the owner of a majority of CBS Corp. (CBS-A, CBS) and ViacomInc.'s (VIAB, VIA) voting stock, said that it has asked the Boards of CBS and Viacom to discontinue their exploration of a potential combination.

Sumner Redstone and his daughter Shari Redstone's National Amusement said that after reviewing a tie-up "we have concluded that this is not the right time to merge the companies."

In late September, National Amusements said it believed a merger could "allow the combined company to respond even more aggressively and effectively to the challenges of the changing entertainment and media landscape."

In the statement Monday, National Amusements called for a focus on the companies' "independent paths forward."