Gianopulos named new chairman of Paramount Pictures
NEW YORK (AP) — Viacom Inc. named Jim Gianopulos the new chairman and chief executive officer of Paramount Pictures, turning to the former Fox chief to revive the flagging movie studio.
"Looking ahead, I see a strong opportunity to position the studio for success by creating valuable franchise opportunities, developing fresh creative ventures, and mining Viacom's deep brand portfolio to bring exciting new narratives to life," Gianopulos said in a statement.
Though Paramount had a number of critically acclaimed Oscar contenders last year (Fences, ''Arrival), it has struggled to find the franchise blockbusters studios depend on for the lion's share of its ticket sales.
Formerly under Sumner M. Redstone, Viacom wasn't willing to plunk down the kind of money other studios, like the Walt Disney Co., have invested in sought-after intellectual properties.