Bob Bakish has stepped down as the CEO of Paramount amid his company’s major merger with Skydance and its struggling streaming platform.
Bob Bakish has stepped down as the CEO of Paramount amid his company’s major merger with Skydance and its struggling streaming platform.
Bakish will be replaced simply by an office of the CEO” that will be headed by three executives: Brian Robbins, head of the Paramount movie studio; George Cheeks, chief executive of Paramount’s CBS division; and Chris McCarthy, president of Paramount’s entertainment and youth brands. As noted by the New York Times, Bakish will be stepping down as the company faces an uncertain future due to a potential merger with Skydance, headed by David Ellison, which some shareholders have openly opposed.
Several shareholders have come out publicly against a combination with Skydance, saying it would enrich Ms. Redstone at the expense of other investors. The private equity firm Apollo and Sony have discussed making an all-cash bid for Paramount, an offer that could give the company a serious alternative.
