Viacom Inc.’s Paramount Pictures is nearing a deal with industry veteran Jim Gianopulos to serve as the studio’s chairman and chief executive, according to Variety. Gianopulos is currently on his way out as chairman and chief executive at 20th Century Fox , which announced last summer that he would step down once his contract expires on June 30, 2017. If Viacom and Gianopulos agree to terms, he will take the helm following Brad Grey’s exit earlier this year. Grey led the studio for 12 years. Viacom is looking to turn its fortune around under new Chief Executive Officer Bob Bakish after a tumultuous year rife with management infighting. The company has designated its floundering Paramount Pictures film division as key to its strategy. Viacom’s publicly-owned class B shares have gained just 3% in the trailing 12-month period, while the S&P 500 index is up more than 14% during the same time frame.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News