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.
Gianopulos will succeed Paramount’s former chairman, Brad Grey, who was ousted in February. Viacom Chief Executive Bob Bakish said Monday that Gianopulos will be able to deliver the recovery needed to “begin the next chapter in Paramount’s storied history.”
But hits have lately been lacking for Paramount, which has trimmed its release schedule and seen its standing in Hollywood slide. Along with overseeing production, marketing and distribution at the studio, Gianopulos has been tasked with setting a new strategy for Paramount. The studio lost $445 million in its 2016 fiscal year.
“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.
Gianopulos was pushed out of 20th Century Fox last year when Stacey Snider was promoted to lead the Fox Filmed Entertainment Group. At Fox, Gianopulos notably oversaw the likes of “Avatar” and the “X-Men” franchise in his 16 years of running the studio.