Yahoo Finance Paramount’s Bob Bakish Could Be Bounced As CEO As Skydance Talks Continue – Report
Board members at Paramount Global are reportedly considering the removal of CEO Bob Bakish as discussions continue with Skydance Media about a complex, multi-step merger.
If exclusive talks with Skydance bear fruit, there likely would not be a role for Bakish in the combined company, with Skydance chief David Ellison slated to serve as the new entity’s CEO. Even alternatives to Skydance like Apollo Global Management’s bid, which could also involve Sony Pictures Entertainment, likely wouldn’t have room for Bakish. That has made his ongoing presence in the corner office an inherently awkward feature of the Paramount landscape, but the Wall Street Journal‘s report on his possible ouster put a finer point on all of it.
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The scenario outlined by unnamed sources in the WSJ article would have senior-level execs teaming to fulfill top leadership duties in an “Office of the CEO” setup. Shari Redstone, Paramount’s controlling shareholder and non-executive chairwoman, as well as some board members have “soured” on Bakish’s leadership, the report claims. Redstone initially championed him and backed his appointment as Viacom CEO in 2016. Among his perceived missteps: declining to pursue interest in Showtime from prospective acquirers and failing to aggressively pursue other strategic opportunities.
The article also included the caveats that no decision has been reached, and that it was possible that Bakish would remain at the helm.
As Deadline reported Thursday, Paramount and Skydance are expected to extend their 30-day exclusive window for hammering out a deal. The Bakish report is surfacing at a delicate moment for Paramount, not only given the negotiations, but also as the company approaches a different deadline, with major distribution partner Charter Communications. There are loud rumblings that Charter, emboldened by its outmaneuvering of Disney last September in a high-stakes carriage battle, will seek a similar deal, one that could leave some of Paramount’s linear networks without pay-TV distribution. That could have a knock-on effect on the Skydance discussions.
Adding to the layer cake of corporate intrigue, Paramount is poised to report first-quarter earnings on Monday. While the quarter included the Super Bowl and some better-than-expected box office for Paramount Pictures titles, Wall Street will be scrutinizing the financials in Paramount’s advertising business and gauging its progress toward long-elusive profitability in streaming.
The company’s annual shareholder meeting is set for June 4. Earlier this month, news emerged that four board members do not plan to stand for re-election at the meeting, amid reports of disenchantment with Redstone’s favoring of Skydance creating unrest with parts of the board.
A Paramount rep declined to comment on the WSJ report. Reps for Redstone and the special committee of the Paramount board that was formed to consider strategic options, did not immediately respond to Deadline’s request for comment.
Paramount battered stock, which is worth less than a third what it was when Viacom and CBS reunited in 2019 to form the current company, slipped 2% to close Friday trading at $11.91.
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