Paramount Global Board Sets Sights on CEO Bob Bakish’s Departure Amid Skydance Merger Talks. Sources familiar with the matter suggest that Paramount Global’s board is poised to remove Chief Executive Officer Bob Bakish, with the announcement potentially coming as early as Monday morning.
Bakish is expected to be absent from the quarterly earnings call scheduled for Monday. In the absence of a CEO, the board is expected to rely on division heads as it reflects potential merger discussions with Skydance Media.
Paramount Global has established a special committee to analyze the proposed merger, with both companies engaged in exclusive talks until May 3, with the possibility of extending negotiations. Reportedly, Bakish has lost the confidence of Paramount Global’s controlling shareholder, Shari Redstone.
Redstone reportedly sought Bakish’s ouster ahead of crucial carriage negotiations with Charter Communications, which could significantly influence the company’s valuation in the merger discussions with Skydance.
While Paramount Global declined to comment on the matter, reports suggest that Paramount and Skydance are making progress towards a final agreement.
Under this arrangement, Bakish would step down from Paramount, and Skydance’s CEO David Ellison would likely assume leadership of the company.
Internally, Bakish has reportedly voiced opposition to the merger, expressing concerns about its potential impact on common shareholders.
According to reports, the proposed merger would result in Skydance and its private equity partners owning nearly half of the combined entity, while common shareholders would retain ownership of the remainder, allowing the company to continue trading publicly.
