Paramount Global chief executive Bob Bakish is leaving his role as head of the entertainment company and CBS parent, it announced Monday, following reports last week that he may be ousted as tensions rise while Paramount considers a merger with Skydance Media that’s controversial among many shareholders.
Paramount CEO Bob Bakish’s exit comes as the company weighs a controversial merger with Skydance ... [+]
Paramount announced Bakish’s departure in a press release thanking him for “his many contributions” including his “successful efforts to rebuild the great culture Paramount has long been known for.”
Bakish’s departure comes as Paramount seriously considers a complicated merger with Skydance—which Bakish reportedly opposed in private, leading to apparent tensions with Paramount Global’s controlling shareholder Shari Redstone.
Paramount said Bakish, who started with predecessor company Viacom in 1997 and worked there through CBS’ merger, is being replaced by an “office of CEO,” made up of three top executives.
Bakish will also leave Paramount’s board of directors, the release said.