Paramount Pictures Chairman Brad Grey has finalized his exit from Viacom Inc. after 12 years managing the legendary movie studio that has struggled to produce box-office hits.
Grey’s departure, which was telegraphed last week and announced Wednesday, takes effect immediately. It comes as Viacom’s new chief executive, Bob Bakish, aggressively shakes up the management ranks of the New York media company controlled by ailing media baron Sumner Redstone.
“It has been my privilege to be a part of Paramount’s storied history, and I am grateful to Sumner Redstone for giving me this opportunity,” Grey said in a memo to his staff.
Grey said he would...