Paramount CEO Bob Bakish 'will be fired imminently as he's lost trust with ... trends now
Entertainment giant Paramount Global is ready to fire CEO Bob Bakish as early as Monday morning, which is just days before a possible merger with Skydance could be finalized, according to reports.
Paramount reports its quarterly earnings today and Bakish, who's been the chief executive since 2019, won't be on that call, CNBC reported.
There's no denying that Paramount has been struggling lately. The company cut 800 jobs a day after its very own CBS hosted this year's Super Bowl, which had record ratings.
Paramount also lost $490 million from the streaming sector of its business in the last quarter of 2023, despite its flagship service Paramount+ adding 4.1 million subscribers over that same period.
The board appears to be looking to Larry Ellison's son David, the CEO and founder of Skydance, to take the company in a new direction. Paramount and Skydance are in an exclusive deal-making window until May 3, though this could be extended.
Bob Bakish (pictured) is set to be fired by Paramount's board on the eve of a possible merger with David Ellison's Skydance
David Ellison, CEO of Skydance Media, attends the 81st Annual Golden Globe Awards at The Beverly Hilton on January 7, 2024
David Ellison pictured with his wife Sandra Lynn Modic at Super Bowl LVII in 2024
Paramount's non-executive chairwoman and controlling shareholder Shari Redstone has lost her trust in Bakish and has wanted to oust him, CNBC reported.
Bakish, who was accused of sexual harassment in 2020 but was subsequently cleared of any wrongdoing by ViacomCBS, has argued against the Skydance merger in private, saying it would dilute Paramount's shareholders, CNBC reported.
Under any Skydance-Paramount merger, Bakish will be out at the company and for now, the plan is that Ellison will run the company.
The deal terms stipulate that Skydance and its private equity partners
