Paramount Global, the media conglomerate behind CBS, MTV, and Nickelodeon, has announced that its CEO, Bob Bakish, is leaving the company with immediate effect. The news comes as Paramount continues negotiations to sell its controlling stake to Skydance Media.
Bakish's departure follows reported tensions between him and Shari Redstone, Paramount's current controlling shareholder. Paramount owns a range of media assets including the Paramount Pictures film studio, Nickelodeon, Comedy Central, Showtime, and the Paramount streaming network.
The firm has been hit hard by the decline of cable TV and the high cost of entering the streaming wars. Its shares have halved over the past year.
Paramount has been in talks with Skydance for months regarding a potential merger. Skydance, which is led by David Ellison, produced Netflix's Top Gun: Maverick and Paramount's Mission: Impossible films.
Bakish was one of the most senior executives in US media, having first joined Viacom in 1997. He received $31.3m in total compensation last year, down from $32m in 2022.
For now, Bakish will be replaced by an 'Office of the CEO' consortium made up of three executives: George Cheeks, the head of CBS; Chris McCarthy, who leads Showtime, MTV and Paramount Media Networks; and Brian Robbins, president of Paramount Pictures and Nickelodeon.
Redstone thanked Bakish for his many contributions over his long career. 'Paramount Global includes exceptional assets,' she said. 'I have tremendous confidence in George, Chris, and Brian.'
Paramount's announcement did not include a statement from Bakish.
At the same time, the firm released its earnings for the latest quarter. Revenue rose 5% to $7.69bn in the first quarter, while operating losses narrowed to $417m, from $1.23bn a year ago.
Executives did not take questions on a conference call with analysts.
Paramount Global has the greatest content in the world,' Cheeks said. 'That is the most important point.'