Paramount Global CEO Bob Bakish is stepping down

The company made the announcement as it continues merger talks with Skydance Media

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Former Paramount Global CEO Bob Bakish
Paramount Global CEO Bob Bakish has led the media giant since 2019
Image: Thilo Schmuelgen (Reuters)

Paramount Global, the parent company of CBS and MTV, announced late Monday that CEO Bob Bakish is stepping down from his role.

Bakish is being replaced by an “office of the CEO” made up three division heads at the company. This new office includes CBS CEO George Cheeks, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks Chris McCarthy, and Paramount Pictures and Nickelodeon CEO Brian Robbins.

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“The Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy,” Paramount said in a press release.

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The announcement came just minutes before the media giant posted its first quarterly earnings report for 2024 and half an hour before its call with investors.

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Bakish’s exit comes as the company is in the middle of exclusive talks — with a deadline of May 3 — with the movie studio Skydance Media regarding a potential merger. The deal is favored by the chair of the company’s board of directors, Sheri Redstone, who also heads National Amusement, the holding company that controls 77% of Paramount’s voting shares.

People familiar with the matter told CNBC that Bakish has privately expressed concerns with the deal, claiming it could dilute common shares of the company. Bakish and his team have been seeking alternatives to the deal, the Wall Street Journal reports.

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If the merger succeeds, Skydance CEO David Ellison would become CEO of the new merged company.

“I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners,” Shari Redstone, the chair of Paramount’s board, said in a statement. “I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”

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Bakish’s exit came as the company was set to to report its first quarter earnings Monday after markets closed. It also came as Paramount continues merger talks with Skydance Media, the movie studio behind Top Gun: Maverick and Mission: Impossible — Dead Reckoning Part One.