The boss of Paramount Global, the media empire behind CBS, MTV and Channel 5, is leaving with immediate effect as its owners scramble to finalize a blockbuster merger.
Bob Bakish’s exit from the firm was confirmed on Tuesday as Paramount continues negotiations with Skydance Media, a production company, regarding a tie-up.
It follows reports of tensions between Bakish and Shari Redstone, Paramount’s current controlling shareholder, as she looks to relinquish her seat at the top of the struggling entertainment conglomerate.
Paramount owns the Paramount Pictures film studio – a Hollywood powerhouse which has churned out hits including Mission: Impossible and The Godfather for over a century – as well as other media assets including Nickelodeon, Comedy Central, Showtime and the Paramount+ streaming network.
The firm, which was formed when CBS merged with Viacom in 2019, has been hit hard by the decline of cable TV, and the high cost of entering the streaming wars. Its shares have halved over the past year.
It has been in talks with Skydance, which has backed Paramount movies such as Top Gun: Maverick, for months. Skydance is led by David Ellison, the producer and son of Larry Ellison, the billionaire tech tycoon.
Bakish was one of the most senior executives in US media, having first joined Viacom in 1997. He received $31.3m in total compensation last year, down from $32m in 2022.
For now, he will be replaced by three executives, Paramount said: George Cheeks, the head of CBS; Chris McCarthy, who leads Showtime, MTV and Paramount Media Networks; and Brian Robbins, president of Paramount Pictures and Nickelodeon.
The trio will work as part an “office of the CEO”, Paramount said.
Redstone, chair of Paramount’s board, said: “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.”
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Redstone thanked Bakish “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.”
Paramount’s announcement of the news did not include a statement from Bakish.
At the same time, the firm released its earnings for the latest quarter. Revenue rose 5% to $7.69bn in the first quarter, while operating losses narrowed to $417m, from $1.23bn a year ago.
Executives did not take questions on a conference call with analysts. “Paramount Global has the greatest content in the world,” said Cheeks. “That is the most important point.”
At the end of the brief call, it played the theme tune to Mission: Impossible.
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.
