Paramount Global CEO Bob Bakish resigns amid battle over merger agreement | Jobs
The president of Paramount Global, the media empire behind CBS, MTV and Channel 5, is stepping down effective immediately as owners rush to complete a major merger.
Bob Bakish's departure was confirmed Tuesday as Paramount continues to negotiate a partnership with production company Skydance Media.
The move follows reports of growing tensions between Bakish and Paramount's current controlling shareholder, Shari Redstone, which has left Bakish at the top of the struggling entertainment conglomerate. I'm trying to let go of it.
Paramount owns paramount movies movie studio – a Hollywood powerhouse that has been churning out hits like Mission: Impossible and The Godfather for more than a century – and other media properties as well. Nickelodeon, Comedy Central, Showtime, Paramount+ Streaming Network.
The company, which was formed in 2019 when CBS merged with Viacom, has been hit hard by the decline of cable TV and the high costs of entering the streaming wars. The company's stock price has halved in the past year.
The company has been in negotiations for several months with Skydance, which has backed Paramount films such as “Top Gun: Maverick.'' Skydance is led by producer David Ellison, son of billionaire technology mogul Larry Ellison.
Mr. Bakish joined Viacom in 1997 and was one of the most senior executives in U.S. media. He received total compensation of $31.3 million last year, down from $32 million in 2022.
Paramount currently plans to replace him with three executives. Chris McCarthy heads Showtime, MTV and Paramount Media Networks. Brian Robbins, president of Paramount Pictures and Nickelodeon;
Paramount says the three will work as part of the “CEO's office.”
Redstone, Chairman of Paramount's Board of Directors, said: “Paramount Global has great assets and we strongly believe in the company's potential for future value creation. I have tremendous confidence in George, Chris and Brian.
“They have both the ability to develop and execute new strategic plans and the ability to work together as true partners. I'm very excited about the opportunity.”
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Redstone thanked Bakish for his “many contributions over his long career, including the creation of the combined company and his successful efforts to rebuild the great culture Paramount has long been known for.” . We wish him the best of luck. ”
Paramount's announcement of the news did not include a statement from Bakish.
At the same time, the company announced its latest quarterly earnings. First-quarter sales rose 5% to $7.69 billion, but operating loss narrowed to $417 million from $1.23 billion a year earlier.
Executives did not take questions on a conference call with analysts. “Paramount Global has the best content in the world,” Cheeks says. “That's the most important point.”
At the end of the short call, the Mission: Impossible theme song played.
Summarize this content to 100 words The president of Paramount Global, the media empire behind CBS, MTV and Channel 5, is stepping down effective immediately as owners rush to complete a major merger.Bob Bakish's departure was confirmed Tuesday as Paramount continues to negotiate a partnership with production company Skydance Media.The move follows reports of growing tensions between Bakish and Paramount's current controlling shareholder, Shari Redstone, which has left Bakish at the top of the struggling entertainment conglomerate. I'm trying to let go of it.Paramount owns paramount movies movie studio – a Hollywood powerhouse that has been churning out hits like Mission: Impossible and The Godfather for more than a century – and other media properties as well. Nickelodeon, Comedy Central, Showtime, Paramount+ Streaming Network.The company, which was formed in 2019 when CBS merged with Viacom, has been hit hard by the decline of cable TV and the high costs of entering the streaming wars. The company's stock price has halved in the past year.The company has been in negotiations for several months with Skydance, which has backed Paramount films such as “Top Gun: Maverick.'' Skydance is led by producer David Ellison, son of billionaire technology mogul Larry Ellison.Mr. Bakish joined Viacom in 1997 and was one of the most senior executives in U.S. media. He received total compensation of $31.3 million last year, down from $32 million in 2022.Paramount currently plans to replace him with three executives. Chris McCarthy heads Showtime, MTV and Paramount Media Networks. Brian Robbins, president of Paramount Pictures and Nickelodeon;Paramount says the three will work as part of the “CEO's office.”Redstone, Chairman of Paramount's Board of Directors, said: “Paramount Global has great assets and we strongly believe in the company's potential for future value creation. I have tremendous confidence in George, Chris and Brian.Bakish co-starred with Shari Redstone at the Mission: Impossible premiere last July. Photo: Lexi Moreland/Variety via Getty Images“They have both the ability to develop and execute new strategic plans and the ability to work together as true partners. I'm very excited about the opportunity.”Skip past newsletter promotionssign up for today's businessGet ready for work – all the business news and analysis you need every morningPrivacy Notice: Newsletters may include information about charities, online advertising, and content funded by external organizations. For more information, see privacy policy. We use Google reCaptcha to protect our website and Google. privacy policy and terms of service Apply.After newsletter promotionRedstone thanked Bakish for his “many contributions over his long career, including the creation of the combined company and his successful efforts to rebuild the great culture Paramount has long been known for.” . We wish him the best of luck. ”Paramount's announcement of the news did not include a statement from Bakish.At the same time, the company announced its latest quarterly earnings. First-quarter sales rose 5% to $7.69 billion, but operating loss narrowed to $417 million from $1.23 billion a year earlier.Executives did not take questions on a conference call with analysts. “Paramount Global has the best content in the world,” Cheeks says. “That's the most important point.”At the end of the short call, the Mission: Impossible theme song played.
https://www.theguardian.com/business/2024/apr/29/paramount-global-chief-bob-bakish-leaving Paramount Global CEO Bob Bakish resigns amid battle over merger agreement | Jobs
