Notice: Paramount Global Removes CEO Bob Bakish, Replaces Him with Three-Person 'Office of the CEO'

Paramount Global removed Bob Bakish as president and chief executive on 29 April 2024, replacing him with a newly created "Office of the CEO" — a three-person management committee — as the media company navigated active merger and sale discussions, Variety reported. Bakish had served as CEO since December 2019.

The new leadership structure

The board created an "Office of the CEO" comprising three senior executives who will jointly manage the company:

• George Cheeks — president and CEO of CBS
• Chris McCarthy — chairman and CEO of Paramount Media Networks and chief content officer
• Brian Robbins — president and CEO of Paramount Pictures

The unusual troika structure reflects the company's three main business pillars — broadcast television, cable networks and filmed entertainment — and signals the board's intention to keep all divisions under active management during a period of strategic uncertainty.

Context: merger talks and stock decline

The leadership change came as Paramount Global was engaged in discussions with multiple potential acquirers, including Skydance Media and Warner Bros Discovery. The company's stock had fallen sharply from its highs, and the board had been reviewing strategic alternatives for months. National Amusements Inc., the Redstone family holding company that controls Paramount's voting shares, was central to any deal discussions.

Bakish, a former Sony and Viacom executive, had been CEO since December 2019 and oversaw the launch of Paramount+ streaming service, the rebranding from ViacomCBS to Paramount Global, and significant cost-cutting measures. His departure was described in media reports as a board-initiated decision rather than a voluntary resignation.

What comes next

The three-person Office of the CEO will lead Paramount Global through the remainder of the strategic review process. The company operates CBS, Showtime, Paramount+, BET, Comedy Central, MTV, Nickelodeon, VH1, Paramount Pictures, Miramax and a 39% stake in The CW network. Its assets span broadcast television, cable networks, streaming and filmed entertainment, with combined annual revenue of approximately $30 billion and operations across more than 30 countries.

Company details

Paramount Global (NASDAQ: PARA), headquartered in New York City. Official website: paramount.com.