The current CEO of Paramount Global, Bob Bakish, is potentially under threat of termination as the company navigates negotiations with Skydance Media. A recent report by CNBC indicates that the board at Paramount Global is contemplating the removal of Bakish, with a possible decision to be made as early as the coming Monday.
In light of the potential departure of Bakish, Paramount Global is anticipated to lean on its division heads to steer the company through the merger discussions with Skydance Media. The merger is a significant move for Paramount Global, and the company's board has established a special committee to carefully consider and delve into the possibilities that this merger could bring.
The major shareholder of Paramount Global, Shari Redstone, is said to have lost confidence in CEO Bob Bakish. Reports suggest that Redstone had intentions of replacing Bakish even before a crucial moment that would determine Paramount's value in its talks with Skydance Media. As the merger conversations progress, it is speculated that Bakish may be stepping down, potentially opening the door for Skydance Media's CEO, David Ellison, to assume a more prominent role in the merged entity.
The merger discussions between Paramount Global and Skydance Media are gaining momentum as the companies draw closer to a potential agreement on Skydance's valuation of around $5 billion in the merger. Notably, this isn't the first time Paramount Global has been involved in merger talks, as previous discussions with Warner Bros. Discovery, Inc. were held in December 2023. These talks centered around how the two companies could complement each other, such as through leveraging Paramount's children's programming assets and merging CBS News and CNN into a global news platform.