Bob Bakish, the chief executive of Paramount, is stepping down effective immediately, the company announced on Monday, a stunning shake-up in the top ranks of the company as it considers a major merger.
Mr. Bakish, 60, will be replaced by an “office of the C.E.O.” run by three executives: Brian Robbins, head of the Paramount movie studio; George Cheeks, chief executive of Paramount’s CBS division; and Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios.
Like many media companies, Paramount has struggled in recent years to get its streaming business off the ground as audiences for its cable channels have diminished.
In recent months, the company has been in discussions to merge with Skydance, a media company run by the tech scion and Hollywood executive David Ellison.
Shari Redstone, Paramount’s controlling shareholder, has already signed off on a potential deal for her stake, but the company’s directors have yet to reach an agreement for the whole company.
Persons:
Bob Bakish, Bakish, Brian Robbins, George Cheeks, Chris McCarthy, Bakish’s, David Ellison, Shari Redstone
Organizations:
Paramount, Paramount’s CBS, Showtime, MTV Entertainment Studios