Word: karmazin
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...roared their approval at a budget meeting last November when Sumner Redstone, chairman and CEO of parent company Viacom, pledged $30 million of corporate cash to launch Logo, a gay channel that the MTV brass had regarded as a top priority. Under Viacom president and heir apparent Mel Karmazin, the channel had been delayed. But at this meeting, attended by Karmazin, Redstone openly said to MTV chief Tom Freston, "You want to do it? You have the money." Karmazin was silent. "It was a dramatic moment," Freston recalls. "All of a sudden, we got something we hadn't expected...
...here to ask me about Iraq?" Mel Karmazin wants to know as he strides into a conference room at Viacom's headquarters in New York City. Karmazin is here to talk about Viacom's business. But irreverent charm is part of his act and part of what makes him one of the longest-running hits on Wall Street. Karmazin, 59, made his name in radio, running Infinity Broadcasting, which he sold in 1996 to Westinghouse (which had acquired CBS a year earlier). He became CEO of CBS in January 1999 and within a year persuaded Viacom chairman and CEO Sumner...
...Karmazin is the natural choice to succeed Redstone, though it's unclear when that might occur. The two men, whose acrimonious relationship is well publicized, renewed their contracts this year, but Redstone's contains no termination clause, and Karmazin's expires in 2006. Fearful of being sidelined, Redstone, 80, won language stating that he has "full and final decision-making authority" over corporate strategy and that he should be kept apprised of "significant operating" issues. Asked to describe their relationship, Karmazin says, "Healthy." --By Daren Fonda/New York
...days after Case's resignation, speculation arose that some outside stockholders were trying to force the company to bring in Viacom president Mel Karmazin, but no one could produce evidence that anyone in charge at AOL had spoken with him. Instead, the AOL board acted swiftly to elect Parsons as both chairman and CEO, strengthening his hand as he takes on one of the toughest turnaround tasks in corporate America...
...shares. Two weeks ago, after the company reported weak quarterly results, word leaked that the pair had adopted an unusually combative tone. Some now speculate that Eisner won't be re-hired when his contract expires in 2006, or may go earlier. Mentioned as successors are Viacom president Mel Karmazin, Sony of America CEO Howard Stringer, and former Disney-ite Jeffrey Katzenberg...