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Gianopulos named new chairman of Paramount Pictures

Associated Press logo Associated Press 3/27/2017 By The Associated Press

NEW YORK (AP) — Viacom Inc. has named Jim Gianopulos the new chairman and chief executive officer of Paramount Pictures, hoping the former Fox chief can revive the flagging movie studio.

Gianopulos will succeed Paramount's former chairman, Brad Grey, who was ousted in February. Viacom Chief Executive Bob Bakish said Monday that Gianopulos will be able to deliver the hits needed to "begin the next chapter in Paramount's storied history."

But hits have lately been lacking for Paramount, which has trimmed its releases and seen its standing in Hollywood slide. Gianopulos has been tasked with setting a new strategy for Paramount, which lost $445 million in its 2016 fiscal year.

Gianopulos was pushed out of 20th Century Fox last year after running the studio for 16 years when Stacey Snider was promoted.

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