Paramount Global has announced that its CEO Bob Bakish will step down from his position effective immediately in the wake of discussions about potentially selling off significant assets following proposals from media company Skydance Media, led by David Ellison.
In a statement released on Monday, Shari Redstone – who controls Paramount through her family’s National Amusements theater chain business – expressed gratitude towards Bakish for his contributions during the merger of Viacom and CBS Corporation in 2019 as well as his efforts to restore the company culture.
Redstone added that a trio of executives will now lead Paramount: Brian Robbins, CEO at Paramount Pictures; Chris McCarthy, head honcho for Showtime and MTV Entertainment Studios; and George Cheeks, who currently serves in an executive role within CBS. These individuals are being entrusted with steering the company through negotiations concerning Skydance Media’s proposal to buy off large sections of it, effectively marking a transition away from Redstone family ownership as Larry Ellison Jr.’s media firm looks set to take over.
According to sources close to the matter, relations between Bakish and Shari Redstone had soured in recent months due to disagreements about strategic decisions taken by Bakish such as deciding not to sell off Showtime or agreeing a deal for BET’s sale. These disputes eventually contributed to Bakish stepping down from his role within Paramount Global after three years at the helm, having originally been appointed CEO of Viacom in 2016 before being promoted when Redstone merged CBS and Viacom two years later.
The news comes as Skydance Media’s proposed acquisition talks are still ongoing – an arrangement which could result in Paramount relinquishing its ownership to the Ellison-led media company, a move that would bring about significant changes for the organization best known for blockbuster franchises such as ‘Top Gun’, ‘Star Trek’ and ‘Transformers’.
This story is still developing.
Leave a Reply