Paramount Global chief Bob Bakish has left the entertainment giant after eight years at the helm, the company announced Monday.
The company said in a press release Bakish is stepping down from his role as CEO and from the board of directors.
Bakish's departure comes as the board is pursuing a sale of the company to Skydance Media. Sources told FOX Business that Bakish clashed with non-executive chair Shari Redstone over the terms of the deal which were unfavorable for common shareholders, per reports.
Paramount Global CEO Bob Bakish attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 11, 2023. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
Her father, Sumner Redstone, founded the company's media empire which began as National Amusements in Massachusetts.
This is a developing story and will be updated. FOX Business' Charles Gasparino contributed to this report.