Paramount Global CEO Bob Bakish Steps Down Amid Talks With Skydance
Credit: Bryan Bedder/Getty Images for Paramount+
Paramount CEO Bob Bakish to Step Down
Paramount Global is set to announce as early as Monday morning that Bob Bakish is stepping down as CEO. Rumors of Bakish’s exit began circulating on Friday.
Strained Relations and Unfavorable Strategic Moves
Reports suggest that Paramount’s controlling shareholder, Shari Redstone, has become unhappy with some of Bakish’s recent strategic moves, including a decision to retain ownership of Showtime and an unsuccessful sale attempt of BET. Bakish’s opposition to a deal with David Ellison’s Skydance has also created tension between him and Redstone.
Paramount’s First Quarter Earnings Announcement
Paramount will be reporting its first quarter earnings after market close on Monday. It is not expected for Bakish to be on the call.
Search for a Replacement
The process of finding Bakish’s replacement is currently unclear. Speculations suggest the possibility of creating an office of the CEO, led by division heads including Brian Robbins, George Cheeks, and Chris McCarthy.
Bakish’s Tenure with Paramount Global
Bob Bakish has a longstanding history with the company and was appointed as the CEO of the newly combined ViacomCBS in 2019. The company later changed its name to Paramount Global in 2022.
Changes in Paramount’s Board
Four directors related to Paramount are expected to step down from the board during the annual meeting in June.
Paramount’s Pursuit of a Deal with Skydance
Paramount’s efforts to secure a deal with Skydance have been met with constant drama. As streaming losses and linear declines negatively impacted Paramount’s financials, Skydance and other potential partners, including Sony and Apollo, have been in talks. Creating a complex deal, Paramount aims to acquire Shari Redstone’s family holding company NAI, which controls Paramount Global, before merging it with Skydance.