Paramount Global CEO steps down ahead of possible merger
Paramount has confirmed that its president and CEO, Bob Bakish, has stepped down from his role, including from the board of directors.
Paramount Global announced the move in a statement on Monday, announcing that Bakish would be replaced by “an Office of the CEO”, made up of three senior company executives: George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon.
Bakish first joined Viacom in 1997 and held a number of senior positions, before taking over the Viacom CEO role in 2016 and eventually the combined company in 2019.
Paramount’s chair of the board, Shari Redstone said: “The Board and I thank Bob for his many contributions over his long career, including in the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for. We wish him all the best.”
Of the three senior appointments, Redstone added: “Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company. I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”
The move comes as Paramount weigh up a potential merger with Skydance Media.
The news comes just only a month after Paramount Global announced Beverley McGarvey to the role of president of Network 10, head of streaming and regional lead for Australia and New Zealand.
In February, Paramount announced an undisclosed number of redundancies with Pam Kaufman, president and CEO of international markets, global consumer products and experiences for Paramount, writing in a memo to staff: “… in order to drive earnings growth in 2024, we have had to make some tough but necessary decisions to ensure we continue growing our revenue while streamlining operations and reducing costs.”
Mumbrella has contacted Paramount’s Australian office for further comment.
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Neil Griffiths is the editor of Mumbrella. He joined the company in October 2023.
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