Bob Bakish Exits Paramount

Paramount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue.

Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. He is also leaving the company’s board of directors, Paramount said Monday.

CNBC reports Bakish will be replaced by a so-called “Office of the CEO.” Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. The company said the three executives will work closely with Paramount CFO Naveen Chopra and the board.

In the release on Monday, Paramount said the new leadership is “working with the board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy.”

Paramount also reported its first-quarter earnings after the bell on Monday and held an earnings call during which the newly appointed company heads gave a brief statement and said they would be back “in short order” to share details on future plans.

Chopra led the call, which lasted under 10 minutes and didn’t include questions from analysts.