Viacom CEO Bob Bakish will address the company’s “points of pain” and promised to unveil “a new strategic vision and framework” after Thursday’s quarterly earnings release, according to internet reports.
Speaking on Monday during the company’s annual shareholders meeting in New York, Bakish also promised to unveil a “strategy for Paramount going forward” at Thursday’s post-earnings conference call to analysts, according to Variety.
Monday’s meeting was quick, with five proposals all approved without question by more than 95 percent margins. National Amusements Inc., the holding company for Sumner Redstone’s empire, has the majority of voting control for both Viacom and CBS.
The meeting was a gathering of the new Viacom board, which was remade last year by Viacom vice chairman Shari Redstone following the ouster of CEO Philippe Dauman.
Late last year, Bakish didn’t shy away from identifying weaknesses in Viacom’s TV properties, and the disappointing two-year performance from Viacom’s movie studio, Paramount Pictures, which has disappointed in both box office and market share.
“There’s an opportunity to change the conversation,” Bakish, Viacom’s third CEO since August said last year, mentioning Viacom’s recent changing of its U.S. distribution head. “I think leadership will be part of changing the conversation.”