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Bakish Gets New Pact As CEO Of Viacom

Viacom said it has signed a new employment agreement with Bob Bakish, who was named president and CEO last month.

The agreement runs through the end of 2019 and calls for an annual base salary of $3 million per year, subject to annual merit reviews by the compensation committee of Viacom’s board.

Bakish’s annual cash bonus is targeted at $7 million, subject to the achievement of performance goals.

Related: Viacom Names Lynn CEO of International Media Nets

Bakish will also receive annual equity grants with a target value of $10 million.

Bakish became CEO after a drawn out boardroom drama in which the family of Sumner Redstone, which owns a controlling stake in the media company, forced out Philippe Dauman, who had been one of the highest paid executives in American business.

In recent years, Viacom struggled financially under Dauman as its cable networks lost viewers and its movie studio failed to produce hits.

Bakish had been the head of Viacom’s international division, which was more successful than the domestic side of the company.