Major Hollywood Studio CEO On The Way Out, Resignation Expected Monday

The board at Paramount Global is shaking things up at the Hollywood film studio and has effectively ousted its current CEO Bob Bakish.

Bakish is widely expected to resign from the company this coming Monday—though this is not a certainty.

The news comes amid financial troubles for the film giant resulting in mass layoffs from some of its constituent networks.

Paramount is currently in talks to merge with Skydance, and Bakish has reportedly been informed that it is unlikely that he will retain his CEO position post-merger.

Here’s the latest on the future of the American film giant Paramount Global:

"I do believe he'll still have a job on Monday, but I don't know how much longer he will be in his position," says @WSJ's @jtoonkel who reported that Paramount is considering removing CEO Bob Bakish as turmoil over sale talks deepens. $PARA pic.twitter.com/PmZlO221xu

— Last Call (@LastCallCNBC) April 26, 2024

Breaking: Paramount’s board is considering replacing CEO Bob Bakish and installing a committee of top executives to run the company on an interim basis https://t.co/eQ5uVdufEa https://t.co/eQ5uVdufEa

— The Wall Street Journal (@WSJ) April 26, 2024

Bob Bakish is about to step down as CEO of Paramount Global after eight years at the helm of Shari Redstone’s media empire. https://t.co/w1wombn6F9

— Variety (@Variety) April 27, 2024

According to CNBC:

Bakish has lost the trust of Paramount Global controlling shareholder Shari Redstone, according to people familiar with her thinking.

Redstone wanted to make a move to oust Bakish before Paramount Global’s carriage negotiation with Charter Communications, which is pivotal for setting a value for the company in its merger talks with Skydance, the people said.

Paramount Global’s stock price has been on a steady decline for the last several years, down from a high of around $101.88 to a steep decline of $11.91 per share.

The New York Post had more:

Bakish’s critics pointed to Paramount’s eroding TV business, loss-making streaming business and debt-laden balance sheet.

The Journal said that Redstone has blamed Bakish for the company’s overall predicament and what she views as missed chances to strike sound deals.