Paramount CEO Bob Bakish Steps Down During Negotiations

Paramount Global CEO Bob Bakish has officially stepped down from his position, leaving the entertainment conglomerate in the midst of a sales process. The company has appointed a trio of top executives, Chris McCarthy, George Cheeks, and Brian Robbins, to form an “Office of the CEO” and oversee Paramount on an interim basis.

This change comes as Paramount is in exclusive negotiations with a potential buyer group, including David Ellison’s Skydance, RedBird Capital, and KKR. Talks are focusing on a plan to keep Paramount public but have Skydance and RedBird executives take the lead in executing a new strategy.

Additionally, private equity firm Apollo has been in discussions with Sony Pictures about a joint bid that would take Paramount private in a merger with Sony and Apollo.

In response to these developments, Paramount stated that the Office of the CEO is working with the board to develop a long-term growth plan, streamline operations, strengthen the balance sheet, and optimize the streaming strategy.

Bakish, who received a compensation package valued at $31.3 million in 2023, has emphasized the importance of “execution” and managing costs amidst the ongoing deal discussions. While he has refrained from commenting on the sale talks, Bakish has expressed his commitment to creating value for all shareholders.

The ouster of Bakish follows speculation about his future at the company and precedes Paramount’s first-quarter earnings conference call. Bakish, known for his collaborative leadership style and focus on global distribution agreements, has been praised for his contributions to Paramount and Viacom over the years. However, some analysts have called for new leadership following strategic missteps, particularly related to the launch of streaming service Paramount+.