After eight years at the helm of Paramount Global, CEO Bob Bakish is expected to step down following pressure from the board of directors. Bakish, who has been with Paramount and its Viacom predecessor since 1997, was brought in by Shari Redstone in 2016 to bring order to the company amidst legal battles and power struggles.
The board of Paramount is currently in talks with Skydance Media and RedBird Capital for acquisitions, while Sony Pictures and Apollo Global Management are preparing an all-cash offer for the company. If the acquisition with Skydance goes through, Skydance CEO David Ellison is expected to lead the combined Paramount-Skydance operation with RedBird senior executive Jeff Shell as his No. 2, without any role carved out for Bakish.
Paramount Global declined to comment on Bakish’s resignation, but is set to report its first quarter earnings on Monday. Bakish will not participate in the earnings call with analysts, as his exit was hastened by his opposition to the merger plan with Skydance.
It is expected that Bakish will leave his post once the sale process is completed, regardless of the buyer, as Paramount Global has struggled with a slumping stock price and weak earnings in its streaming division. This major shakeup at Paramount Global will surely be closely watched by industry insiders and investors alike.
