Paramount Global CEO Bob Bakish Steps Down Amid Merger Talks with Skydance Media

Following a report that Bob Bakish may be ousted from his role at media giant Paramount Global (formerly known as ViacomCBS), the company has confirmed this news on Monday. The announcement comes amid negotiations for a potential merger with Skydance Media, which is backed by private equity firms KKR and RedBird Capital Partners. Bakish’s departure follows his opposition to the proposed deal due to concerns that it would dilute common shareholders. As part of this agreement, nearly 50% of the merged company would be owned by Skydance and its investors, while Paramount Global stockholders will hold on to a remainder stake in an organisation still publicly listed after such consolidation happens (CNBC reported). Bakish’s dissent against merging with Skydance is well documented within sources familiar to this development. He contests the terms because they undervalue common shareholders, as previously highlighted by CNBC reporting last month. Meanwhile, on Saturday, reports surfaced that suggested Paramount Global CEO could leave his position soon after losing Shari Redstone’s trust and potentially accelerating a Skydance merger. On Tuesday morning local time, Paramount Global will be unveiling its first-quarter earnings report for 2022 following the market close on Monday. Furthermore, there are ongoing negotiations between media company Paramount Global (formerly known as ViacomCBS) and Charter Communications over a possible deal regarding carriage of TV networks such as CBS and MTV; this deadline is set to expire tomorrow (Tuesday). A special committee formed for assessing the value and terms in relation to Skydance’s assets has been working with representatives from Skydance Media, which intends to appoint its CEO David Ellison atop Paramount Global if a merger agreement goes through.