04-27-2024, 1:24 PM

The board of Paramount reportedly considers firing its CEO

Paramount Might Consider Parting with CEO Bob Bakish Amidst Negotiations for a Deal.

According to the Wall Street Journal, Paramount's board may replace Bob Bakish as CEO with a committee of top executives to govern the company interimly.

Nobody has decided to replace Bob Bakish yet, so the board is likely considering candidates. Other Paramount executives will reportedly form a committee to manage the company if he is fired. This might give Paramount streaming head Tom Ryan more control over daily operations. Many question the wisdom of replacing the CEO with a committee during merger or sale discussions.

Bakish helped controlling shareholder Shari Redstone merge CBS and Viacom in 2019, so his departure would be Paramount's latest twist. The company became Paramount in 2022.

Media mogul Shari Redstone runs Paramount Global. National Amusements, owned by Redstone, has 77% of Paramount's voting shares. Reportedly, the Redstone family wants to sell their 77% Paramount stake. With that ownership, the Redstone family must approve any sale, and they are reportedly more interested in this than Appollo Global Management's offer to buy merely the studios.

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