Paramount CEO Bob Bakish expected to resign after clashing with Shari Redstone: reports
NY Post
Paramount Global CEO Bob Bakish is expected to step down Monday amid contentious talks to merge with Skydance Media and ahead of the company’s quarterly earnings later that afternoon.
Bakish has clashed with Paramount controlling shareholder Shari Redstone, who questioned whether the CEO pursued strategic opportunities for the company “aggressively enough,” including a potential sale of the Showtime channel, The Wall Street Journal reported Friday.
At the same time Bakish has privately argued against the Skydance deal because it dilutes common shareholders, CNBC reported, citing anonymous sources familiar with the matter.
He reportedly joined a chorus of large common shareholders including Mario Gabelli’s Gamco Investors, Ariel Investments, Matrix and Aspen Sky Trust, in slamming the deal because it destroys value for common shareholders.
With tensions running high, Paramount is now expected that Bakish will be replaced on an interim basis with an “Office of the CEO,” comprised of the company’s division heads ahead of Paramount’s earnings release after market on Monday.
Bakish is not expected to be on the earnings call, Deadline reported.
