Viacom Unveils Turnaround Plan

Upcoming growth initiatives will focus on BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount.

Viacom has revealed a five-point turnaround plan that puts six of its flagship brands–including Nickelodeon and Paramount–as its highest priorities.

Outlined in the company’s first quarter 2017 earnings report, the new strategy will focus on significant and increased resource commitments for BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount. Meanwhile, Viacom’s other brands will be realigned to reinforce the six flagship brands.

Furthermore, Viacom has identified opportunities to bring the best of Paramount to the network business and vice versa. Paramount’s film slate will now include co-branded releases from each of its flagships, as well as Paramount-branded films focused on franchises, tentpoles and other projects.

Building on its initiatives for Paramount, Viacom also announced a commitment between Nickelodeon and Paramount to move forward on a series of four films. The first film, titled Amusement Park, is set to premiere in theaters next summer and will see the launch of a TV series on Nickelodeon the following year.

Lisa Silverman Meyers, senior vice president, operations and business planning, Nickelodeon Viacom Consumer Products, will be offering exclusive insights into the world of branded location-based entertainment at the NYC Licensing Summit, March 2-3.
To find out more and buy tickets while they last, click here.

Additionally, Spike will be rebranded in early 2018 as The Paramount Network and will serve as Viacom’s premiere general entertainment brand. The new network will also feature Viacom original scripted and non-scripted programming while incorporating high-quality original and third-party programming.

Other highlights of Viacom’s turnaround plan include investing in new content experiences, establishing a dedicated short-form content unit, building on existing programming and all-new original IP. The company also plans to further extend the reach of its brands through live experiences and consumer products.

"Today we share a strategy that will enable Viacom to realize the full potential of its premier global portfolio of entertainment brands,” says Bob Bakish, president and chief executive officer, Viacom. “Building on our leading domestic and growing international footprint, this strategy will expand the depth and reach of our flagship brands across multiple platforms and around the world, while also providing for more competitive differentiation and increased adaptability for our business overall. There is much work to be done, but we are confident we have the plan and people to take our brands to greater heights and build a bright future for our company."