Bakish will succeed Tom Dooley, who Viacom said last month would leave the company in November. Dooley assumed the role of CEO after former head of Viacom Philippe Dauman decided to step down in August following disagreements with majority owner Sumner Redstone.
Bakish has been with Viacom since 1997, and most recently served as CEO of Viacom International Media Networks.
"We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS (CBS)," Tom May, chairman of the board, said in a statement.
Shares of the New York City-based entertainment company were flat in after-hours trading on Monday.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Viacom's strengths such as its revenue growth, expanding profit margins and notable return on equity are countered by weaknesses including feeble growth in the company's earnings per share, unimpressive growth in net income and generally higher debt management risk.
You can view the full analysis from the report here: VIAB
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.