May 1, 2024

Paramount CEO to Resign Amid Sale Talks

There could be yet another big shakeup in the entertainment industry.

Paramount Global CEO Bob Bakish has announced his resignation.

The announcement came on Monday with a possible merger or sale on the horizon.

Time to Go

Bakish has been at Paramount for nearly a decade, being brought in as the interim CEO in 2016.

It was supposed to be a temporary gig, yet here he is, nearly 10 years later, holding the same position.

In an email to staff announcing his resignation, Bakish stated, “When I was asked to serve as interim CEO in 2016, I thought it would be a month-long gig. Seven years later, I can truly say the opportunity to lead this incredible company has been an unexpected but most welcome gift and the greatest honor of my professional life.”

Paramount has seen significant changes with Bakish at the helm.

Bakish joined Viacom in 1997, which would eventually become Paramount when the company merged with CBS in 2019.

With Bakish leaving, there will be a new office formed called the Office of the CEO, which will consist of three leadership positions from Paramount Global taking over.

Chair of the Board, Shari Redstone, stated, “Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company. I have tremendous confidence in George, Chris and Brian.

“They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”

Paramount is now reportedly in talks with Skydance Media, which is led by David Ellison, but any such merger would require Redstone, who has control of 77% of the company voting shares, to sell her shares to create the new entity.

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