Paramount Global Chief Executive Bob Bakish is facing an uncertain future as reports emerge that he is expected to be ousted from the company. This news comes at a critical time for Paramount, as the company is currently in exclusive negotiations with tech mogul David Ellison and investment firms RedBird Capital and KKR.
Ellison’s proposal involves acquiring controlling shareholder Shari Redstone’s National Amusements holding company for $2 billion, with Paramount absorbing Ellison’s Skydance Media. However, shareholders have expressed concerns about the deal, favoring a competing offer from private equity firm Apollo Global Management.
Bakish’s reported opposition to the Skydance transaction and his decisions regarding Paramount’s streaming service, Paramount+, have allegedly led to his potential ouster. The company, formed in 2019 from the merger of Viacom Inc. and CBS Corp., has struggled to convince investors of its value, with its stock losing nearly half its value in the past year.
In a surprising twist, Sony has entered talks with Apollo to potentially join its bid, which could give the Japanese company a significant stake in Paramount. CNBC and Variety were the first to report on Bakish’s impending departure, with CNBC suggesting he could be fired as soon as Monday.
Representatives for Paramount have declined to comment on the matter. Bakish, who has been with Viacom since 1997, was named CEO in 2016 after a challenging period for the company. His potential ouster marks a significant development in the ongoing saga of Paramount’s future.