Paramount Global is in the midst of major changes as CEO Bob Bakish is set to resign, according to sources close to the company. The news comes ahead of the company’s quarterly earnings report and ongoing talks with entertainment company Skydance.
Shari Redstone, a controlling shareholder of Paramount Global, is reportedly unhappy with Bakish’s recent strategic decisions, leading to his anticipated resignation. Bakish, who has been with the company for decades and was named CEO of ViacomCBS in 2019, is not expected to be on the call for the upcoming earnings report.
There is speculation that an office of the CEO may be created, to be led by division heads including Brian Robbins, George Cheeks, and Chris McCarthy. As part of the shakeup, four directors are expected to step down from the board at the annual meeting in June.
Paramount has been facing challenges in recent years, with streaming losses and financial pressures prompting the company to explore a potential sale. Skydance and RedBird Capital are reportedly in talks for a deal, with Sony and Apollo also expressing interest.
The deal with Skydance involves acquiring Shari Redstone’s family holding company NAI and merging it with Skydance, in a move that could reshape the entertainment industry. As the situation continues to unfold, investors and industry insiders are eagerly awaiting further updates from Paramount Global.
