After nearly three decades of service, Bob Bakish is bidding farewell to his role as CEO of Paramount Global. The company, in an official announcement on Monday, confirmed Bakish’s departure as the company works to finalize a merger deal with Skydance Media. This significant shift in leadership comes as Paramount’s board, along with Shari Redstone, the controlling shareholder of Paramount Global, navigates through negotiations to solidify the merger.
In a move to fill the void left by Bakish’s departure, Paramount Global has established an “Office of the CEO,” with three divisional heads taking charge: George Cheeks, Chris McCarthy, and Brian Robbins. These executives will collectively steer the company forward, overseeing various aspects of its operations. Bakish, although stepping down from his CEO position, will continue to serve as a senior advisor until October 2024 to ensure a smooth transition.
In a memo addressed to Paramount employees, Bakish reflected on his seven-year tenure, describing it as the pinnacle of his professional journey. Despite facing challenges, he highlighted the company’s achievements, including the creation of popular shows and films such as the “Yellowstone” franchise and “Top Gun: Maverick,” as well as pioneering efforts in streaming television.
The newly appointed executives, along with CFO Naveen Chopra and the board of directors, are tasked with developing a comprehensive growth strategy for Paramount Global. Shari Redstone expressed confidence in the new leadership team, emphasizing their ability to execute a strategic plan and collaborate effectively. This management shakeup coincides with Paramount Global’s first-quarter 2024 results announcement. Notably absent from the earnings call was Bakish, as the company swiftly transitioned to discuss financial matters under the guidance of the new leadership.
The departure of Bakish marks a pivotal moment in Paramount’s ongoing merger discussions. With the exclusive bargaining window with Skydance Media approaching its end, the company’s future hangs in the balance. To address concerns of self-interest, Redstone has agreed to give nonvoting shareholders a say in the potential merger, while Skydance has proposed a substantial cash infusion to alleviate Paramount’s debt burden.
Amidst these developments, rumors of a competing offer from Sony Pictures Entertainment and Apollo Global Management add another layer of complexity to Paramount’s future. Additionally, the expiration of Paramount’s distribution deal with Charter Communications raises questions about the company’s financial outlook.
Bakish’s departure brings an end to his tenure as CEO, which began with the recombination of Viacom and CBS in 2019. Throughout his career, Bakish has played integral roles in shaping the media landscape, drawing from his extensive experience in corporate leadership and media development.
As Paramount Global undergoes this transition, the industry watches closely to see how the company will adapt to new leadership and navigate its path forward in an ever-evolving media landscape.
