Viacom, Inc. (NASDAQ:VIA,VIAB) stock was up on Thursday following the release of details about its turnaround plan.
Viacom, Inc. says that it will be starting a five-part turnaround plan. This plans is listed as follows.
- Put the full power of Viacom behind six flagship brands — This includes BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount.
- Revitalize and elevate approach to content and talent
- Deepen partnerships to drive traditional revenue
- Make big moves in the digital world and physical world
- Continue to optimize and energize the organization
Viacom, Inc.’s five-part turnaround plan will also have it releasing co-branded films through Paramount that are connected to its other brands. This includes plans for four movies with Nickelodeon. The first movie will air in 2018 and a TV series will follow a year later on Nickelodeon.
Viacom, Inc. also announced that it will be renaming Spike TV as part of its plan. Spike TV will be renamed as The Paramount Network in early 2018. The company plans for it to become its premier general entertainment brand. It also plans to use the Paramount brand to push the network further with more content.
Viacom, Inc. also says that it will be creating its first short-form content unit. This unit will make material for the company’s already-existing content. It will also work to create new IPs as well. VIA is also looking to deepen its ties with advertisers. This may include working with partners to create new pay TV experiences.
VIA stock was up 2% and VIAB stock was up 3% as of Noon Thursday.
