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News Bob Bakish does leave started circulating Friday. The decision is anticipated to be made as soon as Monday.
Bryan Bedder/Getty Images for Paramount+
According to Deadline, Paramount Global is expected to announce as early as Monday night that Bob Bakish will step down as CEO in preparation for the company’s weekly earnings that day.
On Friday, reports of Bakish’s possible enter started to circulate. While once again being evidently on the same site with the CEO, Paramount’s controlling investor and professional head, Shari Redstone, is said to be unhappy with some of his more recent strategic decisions, including a decision to not remove Showtime and an abandoned sale process for BET. Deadline has even heard that Bakish is not a fan of a deal with David Ellison’s Skydance, in opposition to Redstone. The two businesses are approaching the end of a month-long unique negotiating period.
After the Monday market tight, Paramount will release first quarter earnings. Bakish is never anticipated to answer the call.
How the business may remove him is unclear. According to reports, it’s possible to establish a CEO’s department with department heads like Brian Robbins, George Cheeks, and Chris McCarthy. Robbins is chairman &, CEO of Paramount Pictures &, Nickelodeon and general information agent, Movies and Kids &, Family, Paramount+, Cheeks is president- Director of CBS, and chief information officer, News and Sports, Paramount+, McCarthy is President &, CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks.
Bakish has worked for the business for decades, and Shari Redstone pushed through a deal to become the CEO of the newly combined ViacomCBS in 2019. He had previously held the position of CEO of Viacom. In 2022, the business changed its name to Paramount Global.
Four directors will step down from the board at the company’s annual meeting in June, according to a recent announcement from the company.
The company’s almost constant drama began last fall as the company began to seriously consider a sale with streaming losses and linear declines squeezing its finances. Skydance, backed by deep- pocketed Oracle co- founder Larry Ellison, and Gerry Cardinale’s RedBird Capital, has the outline of a deal in place and the sides started exclusive negotiations April 3. Meanwhile. Apollo and Sony collaborated, and Sony is interested in making an offer as well. In the event that the Skydance agreement is rejected, the partners are waiting.
The deal contemplated with Skydance is complex. It involves first acquiring Shari Redstone’s family holding company NAI, which controls Paramount Global, then merging it with Skydance.
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