Viacom CFO resigns
Richard Bressler, CFO of New York-based media group Viacom, is to leave the company when his contract expires in March 2006. Bressler said he had decided that his professional future lay elsewhere. Bressler said in a statement that it had become clear that Tom Freston and Leslie Moonves, who were appointed co-president and co-chief operating officers in June 2004, needed a senior management team of their own.
Viacom CEO Sumner Redstone described Bressler as a valued strategic advisor who had been an active and successful advocate for Viacom in the financial markets. ?We support his desire to look outside Viacom for a challenging new role and we appreciate that he will help us in the transition as we identify a new successor,? he said.
Bressler oversaw Viacom's acquisition of 50% of US television network Comedy Central for $1.23 billion from AOL Time Warner in April 2003, as well as the $650 million purchase of KCAL-TV in Los Angeles the previous year.
During his tenure, Viacom became known for bypassing investment banks and instead using in-house advisers to work on its M&A deals.
Bressler joined Viacom ? whose brands include CBS and Paramount Pictures - in March 2001.