Viacom has named its new president and CEO
Bakish had been serving as acting president and CEO since November 15. Previously, he led Viacom's international operations for several years.
The appointment arrives after earlier news that a potential merger between CBS Corp and Viacom had been abandoned.
Shari Redstone, vice chair of Viacom Inc and the daughter of controlling shareholder Sumner Redstone, said she wants the companies to remain independent and will back Viacom's new chief executive.
"I am very excited by the strategy Viacom is pursuing under Bob's leadership, as well as the relentless hard work and passion he has demonstrated not only in his fast start at the helm but in his many years at the company," Redstone said in a statement to press. "While there is much work to do, I firmly believe that Viacom has a bright future, and that confidence is underpinned by senior management's commitment to innovation and a more coordinated, global approach to managing our brands."