Viacom

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  • Topic: Viacom, CBS, CBS Corporation
  • Pages : 10 (2604 words )
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  • Published : September 23, 2012
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EXECUTIVE SUMMARY:
Viacom is a media conglomerate with operations in cable networks, radio, outdoor, entertainment and video. It is the parent company behind some of the most recognized brands in television, film and publishing, including the CBS Television Network, United Paramount Network (UPN), MTV Networks, Black Entertainment Television, Paramount Home Entertainment and Simon and Schuster Publishing group.

Viacom originated as CBS Films, the television syndication division of CBS. In 1971, the division was renamed VIACOM (Video & Audio Communications), and in 1973 it was spun off, amid new FCC rules forbidding television networks from owning syndication companies (the rules were later repented).

The main problem of the case is the lack of a succession planning and development for the executives’ position in Viacom. The company needs to find a qualified successor to maintain and improve its position in the industry. Since Viacom is known on bringing the best entertainment to its audiences around the world, the company needs the hard work and dedication of its passionate and creative employees. Furthermore, the need to implement the succession planning and development strategy is a great solutions for the company’s problem. It enables your organization to identify talented employees and provide education to develop them for future higher level and broader responsibilities and identifying future leaders in an organization and developing them so that they could move into the next leadership roles. It could identify the best succession candidates to step into vacant positions and minimize the chances that they will be left vulnerable when a key position is vacated.

COMPANY PROFILE
Viacom is a media conglomerate with operations in cable networks, radio, outdoor, entertainment and video. It is the parent company behind some of the most recognized brands in television, film and publishing, including the CBS Television Network, United Paramount Network (UPN), MTV Networks, Black Entertainment Television, Paramount Home Entertainment and Simon and Schuster Publishing group. It also owns Infinity broadcasting.

Viacom is led by 88-year old Sumner Redstone, who became Chairman when his company National Amusements acquired a controlling interest in Viacom in 1987. National Amusements is the parent company of Viacom and operates 1,400 movie screens in the U.S. History

Viacom originated as CBS Films, the television syndication division of CBS. In 1971, the division was renamed VIACOM (Video & Audio Communications), and in 1973 it was spun off, amid new FCC rules forbidding television networks from owning syndication companies (the rules were later repented).

In 1985, Viacom bought Warner-Amex Satellite Entertainment, which owned MTV and Nickelodeon, renaming the company MTV Networks. Viacom also received Showtime Networks, Inc. (which included Showtime and The Movie Channel), which has retained its original name, Showtime Networks, Inc. In 1986, Viacom was bought by movie theater owner National Amusements, which brought Sumner Redstone to the company. Redstone made a string of large acquisitions in the early 1990s, announcing plans to buy Paramount Communications, parent of Paramount Pictures, in 1993, and buying the Blockbuster Video chain in 1994.

The Blockbuster acquisition gave Viacom access to large television holdings controlled by Aaron Spelling's company, Spelling Entertainment; along with his own, Spelling controlled the pre-1973 ABC and NBC back catalogs by way of Worldvision Enterprises and Republic Pictures. After these acquisitions, Viacom owned many movie and television production and syndication units, which were slowly integrated into Paramount; many TV shows previously distributed by Viacom, Republic or Worldvision have since gained Paramount closing logos. In 1999, Viacom made what has been its biggest acquisition so far, by announcing plans to buy its former parent CBS. The merger was...
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