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Auditions blog: McGrath had also been in charge of theme parks, which will now be merged with the company's Nickelodeon channel Moonves oversees the other major businesses at Viacom, including the CBS and other broadcast TV operations and the Infinity radio division 55 on the New York Stock Exchange Bakish will also assume control of Viacom's music publishing and theater businesses from Tom McGrath, who is leaving the company as part of the reorganization The head of the Simon & Schuster book publishing unit, Jack Romanos, will now report directly to Freston One of the two executives is likely to take over as chief executive of Viacom from Sumner Redstone, who announced his intention to relinquish the post within three years Freston, a veteran and founder of MTV, took his new post in early June following the sudden departure of Mel Karmazin, who had been in charge of the day-to-day operations of Viacom as its president and chief operating officer Freston Shakes Up Viacom Ranks Jul 29, 5:02 PM EST Tom Freston shook up the ranks of the businesses under his leadership at Viacom Inc Last week, the company also announced that Judy McGrath, a longtime veteran of MTV, had been named to replace Freston as the head of MTV Networks, a group that includes MTV, VH1 and a series of associated international channels She is not related to Tom McGrath The Paramount movie studio will continue to report directly to Freston Moonves remains in charge of CBS, and there are no comparable executive changes expected to occur on his side of the company With Paramount's theme parks and character licensing businesses now being overseen by the division of MTV Networks that handles Nickelodeon, the Paramount movie studio can focus on the business of making movies, Freston said Both Romanos and McGrath had reported to Jonathan Dolgen, the head of the Viacom Entertainment Group who resigned shortly after the dual promotions of Freston and Moonves Thursday, promoting one executive while another resigned in the first big overhaul since he became co-president and co-chief operating officer in early June As part of the changes, MTV chief operating officer Bob Bakish is being elevated to the new role of executive vice president of the media conglomerate In trading Thursday, Viacom shares closed up 3 cents at $33 At the time Les Moonves, the head of CBS, was also elevated to the same rank as Freston In his new role, Bakish will help Freston set budgets and strategies for the parts of Viacom under Freston's control: The book publisher Simon & Schuster; music publishing, theme parks, cable networks including MTV, VH1 and Nickelodeon, and the Paramount movie studio The executive announcements made Thursday completed a round of musical chairs in the top executive ranks at Viacom that was set in motion when Moonves and Freston were elevated to their new posts in early June |
