Paramount Global has announced a significant leadership change, with CEO Bob Bakish stepping down amid merger discussions. Bakish, who had a long tenure with the company beginning in 1997 and became the CEO of Viacom in 2016, has guided the company through various significant milestones, including the merger of Viacom and CBS Corporation in 2019, the launch of Paramount Plus, and the acquisition of Pluto TV. His departure precedes a potential merger deal between Paramount and Skydance Media, which is reportedly offering a $3 billion cash infusion. The removal of Bakish has taken place alongside the revealed dissatisfaction of Shari Redstone, head of Paramount’s parent company National Amusements, with Bakish’s leadership. This comes in the context of Paramount’s market value dropping from $25.3 billion in 2019 to $8.4 billion. In lieu of immediately appointing a new CEO, Paramount has formed a new ‘Office of the CEO’ composed of George Cheeks, Chris McCarthy, and Brian Robbins, three executives positioned at the helm of various Paramount divisions. Paramount also reported a recent growth in its Paramount Plus subscribers, reaching 71 million globally, and observed revenue increases in both service subscriptions and overall advertising driven partly by the 2024 Super Bowl.

Media & Entertainment, Mergers & Acquisitions,United States