Paramount Global, amid conversations with Skydance Media regarding a potential merger, revealed the departure of CEO Bob Bakish, replacing him with a newly-formed Office of the CEO consisting of executives George Cheeks, Brian Robbins, and Chris McCarthy. The announcement, which came shortly before Paramount reported better-than-expected earnings, saw the company’s shares slightly rise in after-hours trading. Despite recent gains, including a surge in Paramount+ subscribers and a 14% rise in advertising revenue from events like the Super Bowl, the leadership restructuring has drawn criticism for its timing and format, especially during ongoing merger talks. Shareholders have shown concerns about the Skydance deal, suggesting that it favors controlling shareholder Shari Redstone and urging Paramount to consider other options like Apollo Global Management. Meanwhile, the Redstone family and Skydance attempted to sweeten their proposal with concessions. In an unusual move reflecting the current unsettled atmosphere, the executives’ conference call after the quarterly earnings release did not include the typical Q&A session and concluded abruptly with music from ‘Mission: Impossible’.

Media & Entertainment, Financial Services,United States

https://www.zawya.com/en/markets/equities/paramount-replaces-ceo-with-trio-as-it-talks-merger-with-skydance-gvk76q9s