Viacom announced the departure of the top executive at Paramount Pictures, which has struggled for profit and was at the heart of a recent corporate power battle. Brad Grey will give up his role as chief executive at Paramount, remaining for a time as Viacom searches for someone to take his place, according to a … Read more
Viacom Inc’s Paramount Pictures will receive a $1 billion cash investment from two Chinese film companies, Shanghai Film Group and Huahua Media, giving the U. S. studio needed cash and stability as it attempts to grow. As part of the agreement, Shanghai Film Group and Huahua Media will finance a combined 25 percent of all … Read more
Sumner Redstone’s privately-held National Amusements on Monday withdrew its merger proposal for CBS (CBS. N) and Viacom (VIAB.O), according to three sources familiar with the situation who wished to remain anonymous. Shares of Viacom tumbled 6.8 percent in early New York Stock Exchange trading to $36. CBS shares were down 3.6 percent at $60.33. A … Read more