Paramount Global CEO Bob Bakish Expected to Step Down Amid M&A Drama

The CEO of Paramount Global, Bob Bakish, is set to step down after eight years at the helm of the media empire owned by Shari Redstone. Bakish is expected to resign under pressure as early as Monday, amidst ongoing M&A drama surrounding the company.

Bakish, who has been with Paramount and its Viacom predecessor since 1997, was brought in by Redstone in 2016 to help stabilize the company after a period of public legal battles and power struggles. The news of Bakish’s impending exit first surfaced in the Wall Street Journal on Friday.

Currently, Paramount’s board of directors is in exclusive acquisition talks with Skydance Media and RedBird Capital. Another group, Sony Pictures and Apollo Global Management, is preparing to make a formal all-cash offer for the company next week as the exclusive negotiating window with Skydance approaches its expiration date on May 3.

It is expected that Skydance CEO David Ellison will take the helm of the combined Paramount-Skydance operation, with RedBird senior executive Jeff Shell serving as his No. 2. There has been no indication of a role for Bakish in the new structure.

Paramount Global declined to comment on Bakish’s resignation, but the company is set to report its first-quarter earnings on Monday. Bakish will not participate in the earnings call with analysts, according to CNBC.

Bakish’s departure was virtually assured once the sale process is completed, regardless of who acquires Paramount Global. The company has faced challenges in the past year, including a declining stock price and weak earnings in its streaming division. CNBC reported that Bakish’s exit was hastened by his opposition to the merger plan with Skydance.

As the industry awaits further developments, the future leadership of Paramount Global remains uncertain.