Apr 27, 2024,04:51pm EDT
Paramount Global CEO Bob Bakish Faces Possible Ousting Amid Merger Talks: Here’s the Latest
Amidst discussions surrounding a potential merger with Skydance Media, reports suggest that Paramount Global CEO Bob Bakish may soon be removed from his position, as per multiple sources.
Key Details:
- Bakish’s potential departure is attributed to escalating tensions with Shari Redstone, the company’s controlling shareholder.
- Sources familiar with the matter indicate that Bakish has voiced opposition to the proposed merger with Skydance Media, a stance that has reportedly irked Redstone.
- The impending renewal negotiations with Charter Communications for CBS and other Paramount networks are deemed crucial for solidifying Paramount’s value in the prospective merger.
- While reports of Bakish’s potential ousting surfaced, Paramount has yet to officially confirm any decision.
What to Expect:
- Paramount’s first-quarter earnings report is slated for Monday, with Bakish unlikely to participate in the call.
Background:
- Paramount Global was formed through a $12 billion merger in 2019 between CBS and Viacom, with Bakish serving as Viacom’s CEO since 2016.
- Reports of acquisition talks have coincided with financial underperformance, leading to a significant decline in Paramount’s stock value.
- Redstone reportedly reached a tentative agreement to sell her controlling stake to Skydance Media in April, while discussions of a joint buyout involving Sony and Apollo Management have also emerged.
- Notably, Bakish’s 2023 compensation totaled $31.3 million, marking a slight decrease from the previous year.
In light of these developments, Bakish’s future at Paramount remains uncertain amidst ongoing corporate reshuffling and potential industry mergers.