Mel Karmazin To Stay With Viacom

By Antony
March 21, 2003 - 3:40 PM

Mel Karmazin, the president and COO of Viacom (the company that owns Paramount Pictures and UPN) has signed a new three-year deal with Viacom.

The deal ends months of speculation on whether Karmazin would stay (story) and the company's stock soared as a result, according to Yahoo! News.

"I am very pleased that Viacom will continue to benefit from Mel's leadership and talent," said company chairman and chief executive Sumner Redstone. "The CBS merger brought many great assets together under the Viacom name, and Mel has done a masterful job of integrating those businesses and operating them at peak performance. I look forward to continuing our successful partnership and taking Viacom to new heights in the years to come."

Viacom also announced they'd negotiated a new contract with Redstone, but it has no set expiration date.

The original article can be found here at Yahoo! News.

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