Paramount CEO Bob Bakish steps down as merger inches closer

Paramount has removed Bob Bakish arsenic CEO — and it doesn’t person plans to capable nan role. The institution announced nan news arsenic portion of its earnings results connected Monday, which will time off Paramount reliant connected a committee made up of 3 executives.

The caller Office of nan CEO consists of George Cheeks, nan president and CEO of CBS; Chris McCarthy, nan president and CEO of Showtime, MTV Entertainment Studios, and Paramount Media Networks; and Brian Robbins, nan president and CEO of Paramount Pictures and Nickelodeon. Reports first emerged of Bakish’s imaginable departure connected Friday.

Bakish has been pinch nan institution since 1997 and became CEO of Viacom successful 2016. He remained successful nan position erstwhile Viacom and CBS Corporation merged successful 2019 to shape Paramount Global, guiding nan institution done the motorboat of Paramount Plus and its acquisition of Pluto TV. Bakish is besides stepping down from Paramount’s committee of directors.

For months now, Paramount has been successful talks pinch respective suitors that want to bargain each aliases portion of nan company. It’s getting person to a woody pinch Skydance Media, which has extended a last connection to merge pinch Paramount, according to a study from CNBC. The projected woody involves Skydance paying a $3 cardinal rate infusion to bargain backmost shares and salary debts, while besides giving shareholders a larger liking than it offered previously, The New York Times reports. Paramount’s typical committee still has to o.k. nan deal.

A report from The Wall Street Journal suggests that Shari Redstone, nan caput of Paramount genitor institution National Amusements, and different committee members haven’t been happy pinch Bakish’s leadership. As pointed retired by nan Journal, Paramount’s marketplace worth has dipped importantly since 2019, going from $25.3 cardinal to $8.4 billion.

“Paramount Global includes exceptional assets and we judge powerfully successful nan early worth creation imaginable of nan Company,” Redstone says successful a statement. “I person tremendous assurance in George, Chris and Brian. They person some nan expertise to create and execute connected a caller strategical scheme and to activity together arsenic existent partners.”

Over nan past fewer months, Paramount reported adding 3.7 cardinal Paramount Plus subscribers, bringing its full number of members to 71 cardinal globally. The service’s gross besides accrued by 51 percent twelvemonth complete year.