Why did Streaming Company Paramount’s CEO Bob Bakish Step Down? Entertainment

Why did Streaming Company Paramount’s CEO Bob Bakish Step Down?

Author's avatar Shaheer Ansari

Time icon May 1, 2024   | Last Updated: May 1, 2024 at 8:57 PM

Earlier this week, it was announced that Bob Bakish, CEO of Pramaount Global will step down from his role as the Chief Executive of the company. The news came before the earnings call of the company. But why did Bob step down?

According to various news outlets, this has to do with the upcoming merger deal of the streaming company Paramount Global with Skydance. Both the companies are in advanced talks of merging together, forming an entity that will be 50% owned by Skydance and the rest by the shareholders of Paramount.

Paramount-Skydance Merger

According to industry media portals, the controlling shareholder of Paramount Global, Shari Redstone, was not confident in the CEO Bob Bakish’s approach to the Paramount-Skydance deal. Bob Bakish said that a deal with Skydance will not be beneficial for the shareholders of Paramount.

The Paramount Global-Skydance merger could be finalized as soon as Friday (May 3) and the stepping down of CEO Bob Bakish might have been to accelerate the deal.

If Skydance succeeds in completing the deal, then it might name David Ellison as the Chief Executive of Pramount, per industry sources.

Who is running the show at Paramount now?

So now that Bob Bakish is out, who is running the company?

Apparently, Paramount Global is now being run by a trio of CEOs which the company called as the ‘office of the CEO’. The three CEOs are CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon

What did the official company announcement say?

Ms. Redstone, the controlling shareholder of Paramount, in a corporate press-release said, “The Board and I thank Bob for his many contributions over his long career, including in 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.”

The Board of Directors said, “The creation of the Office of the CEO will enable the Company to accelerate growth and strengthen operations. We look forward to working with George, Chris and Brian as they execute on key initiatives to enhance performance and value creation at Paramount Global.”

Whatever happens next, we will be sure to keep you updated here at Clout News.

Author’s avatar

Shaheer Ansari

Shaheer is a Journalist and Managing Editor at Clout News. His reporting is a medley of finance, crypto, influencers, and entertainment stories.