The board of Viacom named Bob Bakish as president and CEO and a member of the board.
The move follows a decision by the family of Sumner Redstone not to pursue a combination of CBS with Viacom.
The Redstone family’s National Amusements holding company controls 80% of the voting stock in both media companies.
Bakish has served as acting president and CEO of Viacom since Nov. 15. Before that, he ran Viacom's international businesses. He was also named head of Viacom’s media networks and Paramount.
Bakish succeeded Tom Dooley, who became acting CEO after the Redstone family ousted Philippe Dauman.
"I am very excited by the strategy Viacom is pursuing under Bob's leadership, as well as the relentless hard work and passion he has demonstrated not only in his fast start at the helm but in his many years at the company,” Shari Redstone, vice chair of the Viacom board, said. “While there is much work to do, I firmly believe that Viacom has a bright future, and that confidence is underpinned by senior management's commitment to innovation and a more coordinated, global approach to managing our brands."
"I am honored to be chosen by the Board to lead Viacom, its world-class brands and exceedingly talented people,” said Bakish. “I believe unequivocally in this company and its potential to create new opportunities and drive greater value as our business evolves and our industry transforms. We've been working very quickly to mobilize the organization, reenergize our culture and address our areas of greatest need. I look forward to continuing to work closely with the Board and our team to build on this momentum, and will share more on our plan and path forward in the New Year."