Entertainment

Paramount CEO Bob Bakish May Resign Amid Negotiations

The Bob Bakish era at Paramount appears to be coming to an end.

The CEO of Paramount is expected to part ways with the entertainment giant in the coming days. Paramount reports quarterly results Monday afternoon, meaning if it leaves, it will likely be before then.

A Paramount spokesperson declined to comment.

The CEO's impending departure comes as Paramount and majority shareholder National Amusements are in exclusive sale negotiations with a group led by David Ellison's Skydance, as well as Gerry Cardinale's RedBird Capital and KKR.

But it also comes as another potential bidder, private equity firm Apollo, has held preliminary discussions with Sony about partnering on a bid. Such an offer cannot be presented to the board of directors until the exclusive window with Skydance closes.

The newspaper first reported on Bakish's potential departure, adding that the planned plan would see a handful of senior leaders take Bakish's place on an interim basis.

Bakish's exit would be the latest twist in Paramount's fortunes, with Bakish helping to create the current iteration of the company by helping majority shareholder Shari Redstone merge CBS and Viacom in 2019. The company would change its name to Paramount in 2022 .

Paramount includes the popular Paramount movie studio, as well as CBS, the Paramount+ streaming service and former Viacom cable channels, like MTV, Nickelodeon and Comedy Central.

Sources

1/ https://Google.com/

2/ https://www.hollywoodreporter.com/business/business-news/paramount-ceo-bob-bakish-imminent-exit-1235883889/

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