Paramount CEO Bob Bakish to Step Down, Replaced by Three Executives

Paramount Global CEO Bob Bakish Steps Down Amid Merger Talks with Skydance Media

In a surprising turn of events, Paramount Global CEO Bob Bakish has announced his resignation as the company continues negotiations for a potential merger with Skydance Media. Bakish, who has been with Viacom since 1997 and became CEO in 2016, has played a significant role in the company’s growth and development over the years.

The news of Bakish’s departure comes as Paramount Global looks to restructure its leadership team with the formation of an “Office of the CEO.” The new leadership team will consist of CBS president and CEO George Cheeks, Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins, head of Paramount Pictures and Nickelodeon.

The company’s first-quarter earnings report revealed mixed results, with revenue slightly missing analyst estimates but showing growth in the streaming segment. Paramount reported a 6% increase in overall revenue, driven by the success of its streaming services like Paramount+ and Pluto TV.

Despite the challenges in the traditional TV advertising market, Paramount’s streaming segment saw a 24% increase in revenue, with a total of 3.7 million new Paramount+ subscribers added during the quarter. The company’s direct-to-consumer streaming segment has been a key driver of revenue growth, with advertising revenue also seeing a boost from events like the Super Bowl.

Bakish’s departure comes at a critical time for Paramount as it navigates merger talks with Skydance Media and negotiates carriage agreements with cable companies like Charter Communications. The future of the company remains uncertain, but the new leadership team is focused on accelerating growth, developing popular content, and optimizing the streaming strategy to drive success in the evolving media landscape.