Paramount Global made a significant announcement on Monday, revealing that CEO Bob Bakish will be stepping down from his position. This move marks a major change in the management team at the media and entertainment company, especially as it contemplates the possibility of a merger or sale.
In a statement released on Monday, Paramount disclosed that it will be establishing an Office of the CEO to take over Bakish's responsibilities. This new leadership structure will consist of three Paramount Global executives: CBS CEO George Cheeks, Showtime/MTV Entertainment Studios and Paramount Media Networks CEO Chris McCarthy, and Paramount Pictures and Nickelodeon CEO Brian Robbins.
"I have full confidence in George, Chris, and Brian," stated Shari Redstone, the chair of the board. "They possess the skills needed to formulate and implement a new strategic plan and collaborate effectively as genuine partners."
Paramount Global serves as the parent company of CBS News.
Bakish's departure comes at a crucial juncture for Paramount, as the company explores potential mergers and other agreements with various partners. Recent discussions have been held exclusively with Skydance Media, a media company established by David Ellison, the son of Oracle founder Larry Ellison, according to The Wall Street Journal.
Following the recent transition, the company made no mention of the ongoing merger talks. However, the board of directors expressed their anticipation to collaborate with George, Chris, and Brian in implementing crucial strategies to improve performance and drive value creation at Paramount Global.
The departure of Bakish signifies the conclusion of a lengthy tenure at Paramount, which commenced in 1997 at Viacom, the predecessor of the film studio. Over time, he ascended to the role of leading Viacom and subsequently facilitated the merger of Viacom and CBS in 2019. The rebranding of ViacomCBS to Paramount Global took place in 2022.
In an internal communication to Paramount Global staff, Bakish reflected, "Initially appointed as interim CEO in 2016, I had anticipated a brief stint. Seven years later, I can affirm that steering this remarkable company has been an unforeseen yet deeply appreciated privilege, and the pinnacle of my professional career."
