Paramount CEO Bob Bakish to step down amid sale discussions

Paramount Global said Monday that CEO Bob Bakish is stepping down from his role, a major management shift at the media and entertainment company as it considers a potential merger or sale. 

Paramount said in a statement on Monday that it is creating an Office of the CEO to replace Bakish. The role will be filled by three Paramount Global executives: CBS CEO George Cheeks; Showtime/MTV Entertainment Studios and Paramount Media Networks CEO Chris McCarthy; and Paramount Pictures and Nickelodeon CEO Brian Robbins. 

"I have tremendous confidence in George, Chris and Brian," Shari Redstone, chair of the board, said in the statement. "They have both the ability to develop and execute on a new strategic plan and to work together as true partners."