LOS ANGELES _ Viacom Inc. named Jim Gianopulos the new chairman and chief executive of Paramount Pictures, handing the veteran film executive one of the toughest assignments in Hollywood: turning around the struggling movie studio.
Viacom Chief Executive Bob Bakish announced the move Monday, bringing to a close a monthlong search to replace Paramount's former chairman, Brad Grey, who was ousted in February after a string of box office disappointments and years of financial declines.
Gianopulos will oversee the studio's film and television operations worldwide, including production, marketing and distribution, according to Viacom. He has been asked to design a new strategy for Paramount, including strengthening Paramount's film slate with co-branded releases from Viacom flagship brands, such as MTV, Nickelodeon and Comedy Central, as well as expanding the studio's global footprint.
"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," Bakish said in a statement. "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."
Gianopulos' move to Paramount was a quick rebound for the well-regarded media executive. He was ousted from his position running 20th Century Fox filmed entertainment last year when the Rupert Murdoch-controlled company decided to shake things up and place Stacey Snider in charge of filmed entertainment. Gianopulos spent 16 years at Fox.
His future had been the subject of much speculation in Hollywood. The executive was considered to be a candidate to replace Sony Pictures' outgoing CEO, Michael Lynton, and had been in talks to lead Legendary Entertainment under Chinese owner Dalian Wanda Group.
The hiring of Gianopulos, who ran Fox during a period when it produced such hit franchises as "X-Men" and "Avatar," could be a much-needed boost for Paramount, which has ranked no higher than sixth place out of the major studios in domestic box office since 2011.
Gianopulos is noted for his understanding of international film distribution and his history with overseeing major global franchises. He will face several immediate problems at Paramount. The uncertainty about the studio's leadership has caused problems, putting the brakes on a recent co-financing with Chinese firms Shanghai Film Group and Huahua Media worth up to $1 billion.
That deal was secured by Grey and tied to a film slate he had presented shortly before he was fired. Bakish has since signaled a dramatic rethinking of how the studio will make movies. Viacom Chief Financial Officer Wade Davis met with the Chinese co-financiers in Shanghai for four hours earlier this month in an effort to keep the deal on track.
Gianopulos will face a difficult challenge as he tries to return the studio to financial health after it lost $445 million last year. The company has weathered multiple flops, including "Teenage Mutant Ninja Turtles: Out of the Shadows," "Rings" and "Monster Trucks," which resulted in a $115 million write-down for Viacom before the movie was released.
The box office woes have come at a tough time for major Hollywood studios grappling with new ways to reach younger audiences who aren't going to the theater as much as their parents did.
Paramount has suffered from two major problems: the quantity and the quality of movies it chooses to make. The studio has long promised to ramp up its release schedule to as many as 17 movies a year, a big boost from recent years when it put out eight to 12. And while "Transformers" and "Mission: Impossible" films have continued to show strength, movies such as Martin Scorsese's "Silence" and Brad Pitt's "Allied" proved to be poor bets.
A major sticking point of Gianopulos' negotiations with Viacom brass was how much autonomy he would be granted while trying to return the studio to health. Viacom balked at Gianopulos' insistence that he would have broad authority to green-light major films.
Bakish, on the other hand, was looking for an executive who would not run Paramount as a silo, but as part of a larger media conglomerate that can cross-promote its brands.
Viacom's new chief, who took over in December, has called for more collaboration with Viacom's cable networks, such as Comedy Central and Nickelodeon, and has expressed frustration that Comedy Central stars such as Amy Schumer and Jordan Peele have turned out hits for other studios. Gianopulos is expected to have green-light authority over all but the most expensive movies, those that cost more than $100 million to make.
Viacom previously wanted movie producer Michael De Luca to oversee Paramount's film production unit under Gianopulos, but De Luca, who produced the most recent Oscars telecast, turned the studio down.
