Paramount says CEO Bob Bakish is stepping down
Source: CNBC
Published Mon, Apr 29 2024 4:03 PM EDT Updated 2 Min Ago
Paramount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Paramount reports its first-quarter earnings after the bell on Monday.
The ouster comes as Paramount and Skydance Media inch closer to a possible merger, CNBC previously reported. The companies are in exclusive talks to pursue the deal until May 3, and a special committee is already in place.
Bakish has privately dissented against the merger, claiming it will dilute common shareholders, CNBC reported. As part of the proposed deal, nearly 50% of the merged company would be owned by Skydance and its private equity backers, while common shareholders would own the remainder of Paramount, which would remain publicly traded.
On Saturday CNBC reported Bakish could be out as CEO as soon as Monday, and ahead of the earnings call, after losing the trust of Paramount Global controlling shareholder Shari Redstone, who could see his removal as a means to accelerate a Skydance deal, CNBC reported Monday.
Read more: https://www.cnbc.com/2024/04/29/paramount-ceo-bob-bakish-stepping-down.html
= new reply since forum marked as read
