NEW YORK — The fight for control of Viacom is settled, but the drama over its future is far from over.

Thomas E. Dooley will step down as interim chief executive of Viacom in November, the company announced Wednesday, setting off a search for a permanent leader of the beleaguered entertainment conglomerate that includes the MTV, Comedy Central, and Nickelodeon cable television networks and the Paramount Pictures film and television studio.

Dooley, who started at Viacom in 1980 and was a longstanding partner to Viacom’s recently ousted chief executive, Philippe P. Dauman, stands to receive $62.4 million upon his departure, according to Equilar, a compensation research firm. Dauman departed the company this month with a total severance package valued at about $72 million.

Viacom’s board announced a series of initiatives Wednesday intended to improve the company’s financial flexibility and to position the company for future growth. That includes cutting its dividend and initiating plans to gain access to debt markets to provide greater financial flexibility.

Viacom also announced that it was no longer exploring the sale of a minority stake in Paramount, an issue that emerged as one of the central factors in the fight for control of the company. Dauman had advocated such a deal, while ­Sumner M. Redstone and his daughter, Shari Redstone, opposed it. The company said that the decision preserved other strategic options for the company.

“While there is more work to do, the actions announced today are an important first step towards realizing the value of Viacom’s exceptional assets and positioning the company for the future,’’ Redstone said.

The continued shake-up at Viacom follows a turbulent four months for the company, one of the crown jewels in Redstone’s $40 billion media empire. A fierce battle over his companies erupted in May, pitting Redstone, who is 93 and in poor health, and his daughter against his longtime confidants and Viacom directors. Through a private theater chain company, National Amusements, founded by his father, Redstone controls about 80 percent of the voting shares in Viacom and CBS.

The two sides reached a settlement in August, leading to the dismissal of Dauman, the appointment of Dooley as interim chief, and the remaking of Viacom’s board. While Dooley initially wanted the top job, he realized he might not get it and was willing to step aside in the best interests of the company, according to a person with knowledge of his thinking.

“As I am sure you can imagine, this was an extremely difficult decision,’’ Dooley said Wednesday in a memo to staff members. “I have called Viacom home for 36 years.’’

The search for a new chief executive will include internal and external candidates. Dooley will leave on Nov. 15.

Viacom’s new board met multiple times over the last month, including two days last week, to evaluate its current operations and chart a new strategic and financial plan. The company also hired the banks Morgan Stanley and LionTree to evaluate its capital structure.

There is no question that Viacom is in dire straits. The company has reported persistent declines in profits and revenue and its share price has plummeted more than 50 percent in the last two years. Its television networks have struggled to hold on to viewers and adapt to the digital age. Paramount Pictures has delivered disappointment after disappointment at the box office.

On Wednesday, Viacom disclosed that its profit for the quarter ending Sept. 30 would fall well below Wall Street expectations yet again.