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Paramount Pictures CEO leaving after 12 years

NEW YORK (AP) -- Paramount Pictures Chairman and CEO Brad Grey is leaving the movie studio after 12 years at the helm.

In a memo to employees, Grey said his duties end effective immediately but he will help his successor transition into the post. Paramount parent Viacom said they are searching for a new CEO.

The move comes after media mogul Sumner Redstone's National Amusements in December abandoned a proposal that CBS and Viacom reunite after a 10 year split. Viacom had also been considering selling a stake in Paramount but that was called off too.

Paramount, which makes the "Star Trek" reboot movie franchise, has been struggling to produce hits. It has a 104-year history with a film library that includes titles from the "Indiana Jones" and "Godfather" series.