Skip to main content
We may receive compensation from affiliate partners for some links on this site. Read our full Disclosure here.

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:

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.


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Leave a comment
Thanks for sharing!