Paramount chair Brad Grey headed for the exit

Brad Grey, the chairman of Paramount Pictures, is in discussions with Viacom, the media company controlled by Summer Redstone, about leaving the movie studio, according to a person briefed on the talks.

Mr Grey has run the studio for more than a decade but the last few years have been characterised by a string of flops and hefty losses. Last year the company lost money on releases such as Ben Hur and Zoolander 2.

Mr Grey’s imminent departure comes as Bob Bakish, Viacom’s new chief executive, reviews the company’s operations in a bid to return it to glory. Viacom’s shares have sunk amid the deteriorating performance of its cable channels, which include MTV, Nickelodeon and Comedy Central.

Paramount is one of Hollywood’s most revered studios and there is not likely to be a shortage of candidates to succeed Mr Grey.

News of Mr Grey’s talks with Viacom was first reported by the Wall Street Journal.