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Paramount CEO Ousted After Clashes Over Talks with Skydance

Paramount CEO Bob Bakish leaves his post after opposition towards the deal with Skydance. By Ching Wai.

US - Bob Bakish will resign from his role as CEO at Paramount. Executives George Cheeks, Chris McCarthy and Brian Robbins to step into the office of CEO. Cheeks now takes on the role as president and CEO of CBS, McCarthy as president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Robbins as president and CEO of Paramount Pictures and Nickelodeon.

This comes as Bakish opposed Shari Redstone, chair of the board at Paramount, in her exclusive talks for the sale of National Amusements, which controls 77% of Paramount’s voting shares, to Skydance for about US$2 billion. The deal also includes Paramount acquiring Skydance for US$5 billion.

Paramount shareholders also oppose the deal, as it is believed to disadvantage them and merely benefit Redstone. The exclusive talks period between Paramount and Skydance will expire on 3 May, but could be extended. The rival bid from Sony Pictures Entertainment and Apollo Global Management will then be delayed.

The board of directors said, “The creation of the office of the CEO will enable the company to accelerate growth and strengthen operations.”

Redstone said, “...I have tremendous confidence in George, Chris and Brian. … I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”

Of Bakish’s leaving, Redstone commented, “The board and I thank Bob for his many contributions over his long career, including the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for. We wish him all the best.”

Bakish joined Viacom in 1997, and became CEO in 2016.

Paramount had also just reported its first quarter, with soaring revenues from the Super Bowl boost.

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