Paramount Global Board Prepares to Fire CEO Bob Bakish Amid Merger Negotiations
In a surprising turn of events, Paramount Global’s board is reportedly gearing up to oust CEO Bob Bakish as early as Monday morning. Bakish, who has been at the helm of the media conglomerate since 2017, will not be participating in the company’s quarterly earnings report call on Monday.
The board is expected to lean on division heads for leadership as they navigate crucial negotiations with Skydance Media regarding a potential merger. Paramount Global has established a special committee to explore the deal with Skydance, with exclusive talks scheduled to continue until May 3.
Sources indicate that controlling shareholder Shari Redstone has lost confidence in Bakish and has been pushing for his removal before upcoming discussions with Charter Communications. Bakish has reportedly voiced concerns about the proposed merger with Skydance, particularly regarding the dilution of common shareholders.
Under the terms of the proposed deal, nearly half of the combined entity would be owned by Skydance and its private equity partners, leaving common shareholders with the remaining stake. Despite Bakish’s objections, the company would continue to be publicly traded post-merger.
As the situation continues to unfold, investors and industry insiders are closely watching to see how Paramount Global’s leadership shake-up will impact the company’s future direction and potential merger with Skydance Media. Stay tuned for further updates on this developing story.
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