Paramount Announces CEO Bob Bakish's Exit as Merger Looms [Yahoo! Finance]
Paramount Global - Class A (PARAA)
Company Research
Source: Yahoo! Finance
The 60-year-old, who has spent nearly half his life at Paramount, is exiting amid ongoing talks regarding a merger deal with Skydance Media. There are no immediate plans to replace Bakish. Instead, Paramount said that it would install an “Office of the CEO” made up of three division heads: Brian Robbins, Paramount Pictures CEO; George Cheeks, CBS CEO; and Chris McCarthy, who heads the conglomerate's entertainment brands, including Showtime and MTV. Shari Redstone, the chair of Paramount's board, said in a statement that she had “tremendous confidence” in Robbins, Cheeks, and McCarthy. “They have both the ability to develop and execute on a new strategic plan and to work together as true partners,” she said. Though his last day is Tuesday, Bakish has agreed to remain on through Oct. 31 as a “senior adviser,” Paramount said. Rumors of his impending ousting were first reported on Friday. He first joined Viacom in 1997, ascending the corporate ladder until he became CEO there in 2
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PARAA
Earnings
- 4/29/24 - Beat
PARAA
Sec Filings
- 5/10/24 - Form 4
- 5/10/24 - Form 4
- 5/10/24 - Form 4
- PARAA's page on the SEC website