Paramount Global CEO Bob Bakish Steps Down, Office of the CEO Formed

Paramount Global CEO Bob Bakish is officially stepping down from his position, as the entertainment conglomerate is in the midst of a sales process. The company has appointed Chris McCarthy, George Cheeks, and Brian Robbins to form an “Office of the CEO” to run Paramount on a day-to-day basis. This change comes as Paramount is in exclusive negotiations with potential buyers, including David Ellison’s Skydance, RedBird Capital, and KKR.

Bakish will remain employed by the company as a senior advisor until October 31st. The new leadership team is focused on finalizing a long-term strategic plan to maximize the company’s hit content, strengthen its balance sheet, and optimize its streaming strategy. The company’s controlling shareholder, Shari Redstone, expressed confidence in the new leadership team and their ability to execute a new strategic plan.

Wall Street analysts have expressed concerns about the potential sale of Paramount and its impact on shareholders. However, some analysts have upgraded their ratings on Paramount’s stock, citing the rising prospect of a sale to an owner who can exploit the company’s intrinsic value.

Bakish, who has been with Paramount for 27 years, is credited with improving relationships with distributors and internal morale. However, some analysts believe that new leadership is needed to address critical strategic mistakes made in recent years, particularly regarding the launch of streaming service Paramount+.

The ouster of Bakish as CEO comes after days of speculation about his future at the company and ahead of Paramount’s first-quarter earnings conference call. The company is focused on creating value for all shareholders amid ongoing deal chatter and potential changes in ownership.