Paramount CEO Bob Bakish expected to exit today amid Skydance M&A talks

Bob Bakish (Source: MIPCOM)

Paramount Global’s board is reportedly considering removing CEO Bob Bakish as soon as today (Monday, 29 April) ahead of the company’s Q1 earnings report.

News that Bakish might be ousted was first reported in the US on Friday, with the CEO said to be unhappy with the proposed Skydance acquisition, which is supported by primary shareholder and executive chair Shari Redstone.

Redstone is also reportedly at odds with Bakish over some of his recent business decisions, including the abandoned sales of assets such as BET Media Group and Showtime.

Paramount Global will report is Q1 earnings after the market closes today, and Bakish is not expected to be on the call.

The Wall Street Journal, which first reported news of Bakish’s potential departure, said that the CEO may be replaced by an interim committee of senior executives.

Names circulating for the potential committee include Brian Robbins, president & CEO of Paramount Pictures & Nickelodeon and chief content officer for movies and kids & family; Chris McCarthy, president & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and George Cheeks, president & CEO of CBS, and chief content officer, news and sports, Paramount+.

Bakish is a Paramount veteran, who has been with the US firm for decades, previously serving as CEO of Viacom before he was appointed – with Redstone’s backing – to lead the newly combined ViacomCBS (now Paramount Global) in 2019.

Star Trek: Strange New Worlds (Source: Paramount+)

Offers on the table

The future of Paramount has been under intense scrutiny for months, with Skydance the current frontrunner to acquire the firm with the two companies holding exclusive talks, the news of which sent shares up by 15% earlier this month to more than $13.50, although that figure stands at $11.91 as of today.

Sony Pictures Entertainment and private equity outfit Apollo Global Management have also entered the fray, with the two companies reportedly eyeing a joint bid for the US studio.

Apollo previously saw a solo bids of $26bn deal to acquire all shares pushed aside by Paramount, as well as an earlier $11bn offer for film studio assets rebuffed by Paramount, which has been seeking a buyer for months, with numerous bidders putting forward proposals.

Earlier this year, former Endemol Shine Group owner Apollo offered $11bn for the film and TV studio – but not its streamer Paramount+ or networks including CBS, but the deal was knocked back.

WBD’s chief David Zaslav and Paramount’s Bob Bakish also met up in New York City late last year to discuss a potential merger but reports in February claimed that those talks had come to an end.

US media mogul and The Weather Channel owner Byron Allen also made a $30bn offer to acquire the entirety of Paramount Global in January.

TBI has approached Paramount Global for comment.