Paramount Global CEO Bob Bakish has announced his departure from the company amidst ongoing merger discussions with Skydance Media.
Paramount Global CEO Bob Bakish Steps Down
In response to Bakish's departure, the Board of Directors has established an Office of the CEO, comprising three seasoned executives from Paramount Global's ranks.
George Cheeks, President and CEO of CBS, joins Chris McCarthy, President and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon, in this leadership transition.
The newly formed Office of the CEO will collaborate closely with Naveen Chopra, the CFO, and the Board of Directors to devise a comprehensive, forward-looking strategy to accelerate growth, optimize operations, and reinforce Paramount Global's streaming initiatives.
"We Wish Him All the Best"
Bob Bakish, a longstanding figure within Viacom, joined the company in 1997 and rose to assume the CEO role in 2016. He played a pivotal role in forming the combined entity and was instrumental in creating Paramount's renowned corporate culture.
"The Board and I thank Bob for his many contributions over his long career, including in the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for. We wish him all the best," Shai Redstone, Chair of the Board, said in a press release statement.
According to CNBC, Redstone has reportedly lost faith in Bakish and seeks to remove him from his position. Bakish, who was the subject of sexual harassment claims in 2020 but later received a clean bill of health from ViacomCBS, has privately expressed his opposition to the Skydance merger and expressed worries about its potential effects on Paramount's shareholders.
In the event of a Skydance-Paramount merger, Bakish will no longer be with the company, and the current plan is for Oracle founder Larry Ellison to take over as its leader.
According to the deal terms, Skydance and its private equity partners will own 50 percent of the merged conglomerate, with the remaining 50 percent belonging to common shareholders.
If the deal does happen to fall through, despite indications of Redstone's support for the merger, other companies are poised to make enticing buyout offers.
Sony Pictures is evaluating the possibility of joining Apollo Global Entertainment's bid for Paramount, which is significantly higher than Skydance's offer.
Over the past five days, Paramount's stock has experienced a slight decline of just over four percent. However, in premarket trading on Monday, shares saw a positive increase of over five percent, driven by optimism surrounding a potential merger with Skydance.
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