Los Angeles, California – Paramount Global’s board is reportedly gearing up to remove Chief Executive Officer Bob Bakish as early as Monday morning, as confirmed by sources familiar with the situation. This potential decision comes ahead of Paramount Global’s quarterly earnings report on the same day, with Bakish expected to be absent from the call, according to the sources.
The board’s actions are said to be influenced by ongoing negotiations for a potential merger with Skydance Media, prompting them to rely on division heads temporarily in the absence of a CEO. A special committee has been established by Paramount Global to explore this potential deal, with exclusive talks scheduled to continue until early May.
Allegedly, Bakish has lost the confidence of Paramount Global’s controlling shareholder, Shari Redstone, who appears to be in favor of his removal before critical carriage negotiations with Charter Communications. These negotiations hold significance in determining the company’s value as discussions progress with Skydance regarding the merger.
While an official spokesperson for Paramount Global has opted not to provide comments on the matter, reports suggest that progress is being made towards a final agreement between Paramount and Skydance. This agreement would involve Bakish stepping down from his role, with Skydance’s CEO David Ellison poised to take over.
Internally, Bakish has reportedly expressed concerns regarding the potential merger, citing worries about the impact on common shareholders. Proposed terms of the deal indicate that nearly half of the combined entity would be under Skydance’s ownership, with the remainder held by common shareholders. Despite any changes that may occur, the company is expected to remain publicly traded.