The drama inside Viacom continues to heat up and long-term investor Eric Jackson of SpringOwl says drastic changes are needed in the c-suite.

Jackson, who has been very vocal about the issues at the media giant, suggests removing Viacom's CEO, Philippe Dauman.

"Dauman is the villain here and will go down as the worst CEO in modern times," Jackson said on CNBC's "Halftime Report."

Despite a 3-percent pop on Tuesday, shares of Viacom have fallen about 40 percent year-over-year. He sees a solution to turn around the stock price.

"There is no single action that Viacom could take to boost the stock than getting rid of the CEO," he urged.

Viacom is a value play and has room to run, according to Jackson.

"We believe Viacom is an undervalued stock and there are opportunities for it to catalyze upwards," he added.

SpringOwl is sticking with Viacom for the long haul, Jackson said.

"Good things are happening for Viacom shareholders," he said.

Disclosure: SpringOwl is long Viacom.

—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly