Viacom Names Jim Gianopulos Chairman and Chief Executive Officer of Paramount Pictures

Viacom Inc. has announced the appointment of Jim Gianopulos as Chairman and Chief Executive Officer of Paramount Pictures, effective April 3, 2017. Gianopulos will report directly to Bob Bakish, President and Chief Executive Officer of Viacom.
   
In his role as Chairman and Chief Executive Officer of Paramount, Gianopulos will oversee the studio’s film and television operations worldwide, including production, marketing, distribution and all other facets. He also will be charged with setting a new strategy for Paramount, including developing new content, strengthening Paramount’s slate with co-branded releases from Viacom flagship brands, and expanding the studio’s global footprint.

Bob Bakish, said, “Jim is a remarkably talented executive with all the tools – strategic vision, strong business expertise, deep industry and creative relationships – to bring films to life that resonate throughout culture and deliver commercial results. I’m thrilled we will have the benefit of his experience, savvy and global expertise as we lay out a clear path forward and begin the next chapter in Paramount’s storied history.”

Foreign Exchange Rates Increase Sony Pictures Q1 Loss

Home Media Magazine reports that the strong theatrical performance of The Angry Birds Movie wasn’t enough to offset foreign currency fluctuation as Sony Pictures saw a first-quarter (ended June 30) operating loss of $98 million, compared with an operating loss of $96.4 million during the previous-year period. Revenue increased to $1.69 billion, from $1.41 billion.

“The main reason for the operating results ‘improvement’ was a decrease in the Japanese-yen based operating loss amount resulting from the appreciation of the yen against the U.S. dollar,” Sony Corp. CFO Kenichiro Yoshida said in a presentation.

Indeed, Sony revised downward fiscal-year forecasts for sales and operating income due to the appreciation of the yen against the U.S. dollar.  Meanwhile, Sony Pictures said revenue from media networks, which includes television and digital networks worldwide, increased primarily due to higher advertising in India and Latin America.

Angry Birds has generated $344.4 million at the global box office, including $106.7 million domestically. The movie was released digitally July 29 and will be released on DVD and Blu-ray Aug. 16.