Viacom shares have fallen 18% so far this month.
With its stock trading at lofty levels, arrangements like Netflix's licensing deal for originals in China will help it create valuable new revenue streams.
Jim Gianopulos will start his role as CEO of Paramount Pictures on April 3
The industry has relied on a business model where consumers have to pay for many channels they don't care to watch. Many are now choosing to pay for none.