After years as CEO of Paramount Global, Bob Bakish is reportedly stepping down from the position as early as this coming Monday.
The Wall Street Journal and Variety report that Bakish is expected to resign under pressure as early as Monday.
A committee of executives is expected to run the entertainment giant on an interim basis. Bakish has been with Paramount and its Viacom predecessor since 1997.
The talk comes as Paramount‘s board of directors is currently deep in exclusive acquisition talks with Skydance Media and RedBird Capital.
On Friday, that exclusive negotiating window will expire and Sony Pictures and Apollo Global Management are expected to field a formal all-cash offer for the company.
Reports indicate that it has become clear from the Skydance talks, which have been in the works for months, that Skydance CEO David Ellison would take over the enlarged Paramount-Skydance operation with former NBCUniversal CEO and current RedBird senior executive Jeff Shell as his No. 2 overseeing day-to-day operations.
Paramount Global is set to report its first quarter earnings on Monday, but Bakish will reportedly not take part in the traditional conference call with analysts. The company has seen slumping stock price and major streaming losses in recent quarters.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
