Paramount Global Chief Bob Bakish Leaves Amid Rush to Finalise Merger

Bob Bakish, CEO of Paramount Global, the media conglomerate that owns CBS, MTV, and Channel 5, is quitting with immediate effect as its owners rush to complete a spectacular merger.

Bakish’s departure was formally announced on Tuesday, coinciding with ongoing talks between Paramount and production giant Skydance Media regarding a potential partnership.

Tensions between Bakish and Shari Redstone, Paramount’s controlling shareholder, have been reported, highlighting the dynamics at play within the struggling entertainment conglomerate. Paramount boasts a formidable portfolio, including Paramount Pictures, known for iconic films like Mission: Impossible and The Godfather, as well as media assets like Nickelodeon, Comedy Central, Showtime, and the Paramount+ streaming platform.

The company, formed from the 2019 merger of CBS and Viacom, has faced significant challenges stemming from the decline of cable TV and the competitive landscape of streaming services. Talks with Skydance, known for its support of Paramount films such as Top Gun: Maverick, have been ongoing, led by David Ellison.

Bakish, a stalwart of the US media industry since his tenure at Viacom starting in 1997, leaves behind a legacy of leadership. He will be replaced by three executives: George Cheeks, Chris McCarthy, and Brian Robbins, who will form an interim “office of the CEO.” Redstone expressed confidence in the future of Paramount Global and gratitude for Bakish’s contributions while the company announced its latest earnings, signalling resilience amidst industry challenges.