Bob Bakish is stepping down as CEO of Paramount Global. The entertainment company, mired in crisis months ago, will ultimately part ways with its chief executive, who has been with the company for nearly 30 years, in an attempt to safeguard the company when the deadline for the merger between Paramount Global and Skydance Media approaches after also exploring possible agreements with Warner Media and The Weather Channel.
Instead, the company said, his position will be replaced by an "office of the CEO," which will be comprised of George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of both Paramount Pictures and Nickelodeon.
Rumors of Bakish leaving his role have been circulating in the entertainment media since last week. Now, the company has made it official. It did so during its call to shareholders. At this meeting, the CEO was absent, and the company announced that he is "stepping down from his role as CEO" as well as his position on the board of directors.
However, Bakish assured that he will continue as an advisor from May 1 to Oct. 31, 2024. He will maintain this position "to help ensure a seamless transition of his duties," the company said in a filing with the SEC.
Bakish says goodbye to Paramount employees
The company's now former CEO took advantage of the announcement to send a statement to employees, which Variety obtained, in which he announced that he was leaving the company. In addition, Bakish assured that working at Paramount Global is "the greatest honor of my professional life":
We have made the biggest shows across the country and around the world, created films beloved by audiences young and old, and produced the biggest events in music, sports, and more that defined culture. We pioneered free ad-supported streaming television, launched the fastest growing pay streaming service in the United States, and elevated one of the most iconic global entertainment brands to create the company we know today as Paramount. We did it all while navigating a fascinating but no less challenging time for media and entertainment – economic ups and downs, mergers and acquisitions, sweeping organizational transformation, and a global pandemic.
The reasons that caused Bob Bakish to leave his position as CEO have not been revealed. However, his opposition to the practically imminent merger between Paramount Global and Skydance Media is well known, a deal that could be confirmed in the coming weeks and that, if approved, would a compelling reason why he and the company are parting ways.
