LOS ANGELES (CNS) - Amid talks of a merger with Skydance Media, Paramount Global announced the departure Monday of President/CEO Bob Bakish, who will be replaced with a trio of executives acting as a new "Office of the CEO."
Leading the company will be 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 Paramount Pictures and Nickelodeon.
The trio of CEOs will work the entertainment giant's board "to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy," according to a company statement.
Bakish, originally joined Viacom in 1997, but he has been CEO of Paramount Global since the company was formed through the combination of Viacom and CBS in 2019. Media reports have suggested that Bakish was resistant to the proposed with Skydance, leading to friction with Paramount Global board chair and controlling shareholder Shari Redstone.
Redstone issued a statement Monday saying, "Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the company. I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead."
Of Bakish, Redstone said, "The board and I thank Bob for his many contributions over his long career, including in the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for. We wish him all the best."
The company's announcement made no mention of Skydance or a possible merger.