Viacom boss Bob Bakish has introduced a five point plan to turn around the global channels firm including rebranding US cable network Spike as the drama-focused Paramount Network.
The recently installed chief executive is keen to leverage in-house film and TV production unit Paramount Pictures after saying that the under-utilisation of the studio had been a “missed opportunity”.
In its first-quarter earnings report, Bakish said Lip Sync Battle broadcaster Spike will rebrand as the Paramount Network early next year.
However, Spike, which launched in the UK in April 2015, will not be immediately rebranded globally with decisions made on a market-by-market basis.
Broadcast understands the revived channel will be originals-led with a focus on drama commissions from Paramount Studios. Other Viacom original scripted and non-scripted programmes will also air on the network.
Five-point plan
Bakish’s five-point strategy also includes placing the “full power” of Viacom behind flagship brands BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount.
The six brands will be the company’s “highest priorities” and receive increased resources.
Other points include revitalising its approach to content and talent; deepening partnerships to drive traditional revenue; making “big moves” in the digital and physical world; and optimising and energising the organisation.
Paramount’s film slate will soon include co-branded releases from each of the flagship brands, along with Paramount-branded films focused on franchises, tentpoles and other projects. Nickelodeon and Paramount are to partner on a slate of four films.
The first tie-up, Amusement Park, will head to theatres next summer, and launch as a TV series on Nickelodeon in 2019.
Elsewhere, Viacom will form its first dedicated short-form content unit, building on existing programming and new IP, and will also work more with distributors to create new pay-TV bundles and broaden advertising offerings.
Bakish said that this strategy will “expand the depth and reach of our flagship brands” around the world.
“Today we share a strategy that will enable Viacom to realise the full potential of its premier global portfolio of entertainment brands.
“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.”
Results
Viacom reported revenues of £2.7bn for the quarter to 31 December 2016, up from £2.5bn the previous year. Its operating income, however, fell to £564m, down from £671m.
Net earnings were £316m, down 12% from £359m the year prior.
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