Viacom (VIA) president and CEO Philippe Dauman is getting a five-year extended contract, staying in his top spot until December 2016.Dauman, executive chairman Sumner Redstone’s longtime close friend and former legal advisor, had a contract that was expiring in December 2011. He came on to Viacom in 2006.
Viacom has been experiencing a renaissance after a long dry spell. With its undervalued stock, cable networks like MTV and BET saddling up comebacks, and free cash flow gushing up 17% to $2 billion at the beginning of 2010, investors are warming to its balance sheet
Analysts predict that the stock will get $2.97 a share in its 2011 fiscal year, which ends in September, according to Barron’s.
Here’s Sumner in Viacom’s statement:
“Philippe is a great leader who has demonstrated an extraordinary and consistent ability to deliver results for all Viacom shareholders,” said Viacom Executive Chairman Sumner Redstone. “Philippe has strengthened Viacom’s iconic entertainment brands, increased efficiency in every area, profitably extended our world-wide footprint, and forged significant long-term agreements with distribution and other partners. Most important, he has revived our creative spirit and our focus on innovative and distinctive content. With nearly 25 years of entertainment industry experience and a unique connection to Viacom, Philippe has the perspective and the vision to lead Viacom to new levels of success for many years to come.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.