After eight years at the helm of Paramount Global, CEO Bob Bakish is set to step down under pressure amidst ongoing M&A drama and corporate restructuring within Shari Redstone’s media empire. Bakish, who has been with Paramount and its Viacom predecessor since 1997, is expected to resign as early as Monday, according to reports from the Wall Street Journal.
Bakish’s impending exit comes at a pivotal moment for Paramount Global, as the company’s board of directors engages in exclusive acquisition talks with Skydance Media and RedBird Capital. Another potential bidder, a consortium comprising Sony Pictures and Apollo Global Management, is poised to present a formal all-cash offer for the company next week, adding further complexity to the situation.
The acquisition talks with Skydance Media have been ongoing for months, with Skydance CEO David Ellison positioned to take the helm of the combined Paramount-Skydance operation. Meanwhile, RedBird senior executive Jeff Shell, formerly CEO of NBCUniversal, is expected to serve as Ellison’s second-in-command, overseeing day-to-day operations. With the imminent departure of Bakish, there appears to be no clear role carved out for him in the post-acquisition leadership structure.
Bakish’s exit from Paramount Global is further compounded by the company’s recent financial challenges, including a slumping stock price and successive quarters of weak earnings, particularly in its streaming division. Bakish’s opposition to the merger plan with Skydance is reported to have hastened his departure, signaling a divergence in strategic vision within the company.
As Paramount Global prepares to report its first-quarter earnings on Monday, Bakish will notably not participate in the traditional conference call with analysts. His departure marks the end of an era for the media conglomerate, leaving behind a legacy shaped by years of corporate turbulence and strategic realignment.
The impending leadership transition underscores the rapidly evolving landscape of the media industry and the intense competition for market dominance in the era of streaming. As Paramount Global navigates this period of transition, the departure of Bob Bakish marks a significant turning point in the company’s history, signaling the dawn of a new chapter under fresh leadership.
