Viacom

Viacom (short for Video & Audio Communications) , is an international media conglomerate. The companies owned by Viacom touch virtually every major segment of the media industry. 81-year-old Sumner Redstone is Chairman of the Board and Chief Executive Officer. The offices of President and Chief Operating Officer are jointly held by 58-year-old Tom Freston and 53-year-old Leslie Moonves, who had headed the MTV Networks and CBS units respectively.

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In June 2005, Viacom announced that it would split itself into two independent companies. The current Viacom Inc. will be renamed CBS Corporation and will be headed by Moonves. CBS will hold Viacom's broadcasting, publishing, and television production assets, as well as Paramount Parks and Showtime Networks. Shares in a new Viacom Inc. will then be distributed to current Viacom shareholders. The new Viacom will be headed solely by Freston and include Paramount Pictures, MTV Networks and BET. Redstone will remain the Chairman and majority shareholder of both companies. Further details are included in an SEC Form S-4 filed on October 5, 2005.

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Media conglomerate: A media conglomerate describes companies that own large numbers of companies in various mass media such as television, radio, publishing, movies, and the Internet. A conglomerate is a large company that consists of divisions of seemingly unrelated businesses. It is questionable whether media compani...

Sumner Redstone: Sumner M. Redstone, born Sumner Murray Rothstein, May 27, 1923 in Boston, Massachusetts, is Chairman of the Board and Chief Executive Officer of Viacom....

Chairman of the Board: The phrase Chairman of the Board has several meanings:...