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☆ Paramount CEO Bob Bakish could be out as soon as Monday as Skydance merger talks continue
▼ + stars: | 2024-04-27 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Paramount Global's board is preparing to fire Chief Executive Officer Bob Bakish as soon as Monday morning, according to people familiar with the matter. Paramount Global reports its quarterly earnings Monday. Bakish has lost the trust of Paramount Global controlling shareholder Shari Redstone, according to people familiar with her thinking. Paramount and Skydance have been making headway on a final deal, under which Bakish would leave Paramount, CNBC reported Thursday. Skydance intends to name its CEO David Ellison to helm Paramount, according to people familiar with the matter.

Persons: Bob Bakish, Bakish, Shari, Skydance, David Ellison Organizations: Viacom Inc, Mobile, Paramount, Paramount Global, Skydance Media, Charter Communications, Skydance, CNBC Locations: Los Angeles , California, U.S

April 21 (Reuters) - Paramount Global (PARA.O) has agreed to pay $167.5 million to investors to settle a case stemming from the 2019 merger of Viacom Inc and CBS Corp that created the entertainment company, a filing showed. Paramount and the investors agreed to the settlement reached on April 18, according to a Securities and Exchange Commission filing published on Friday. Paramount did not respond to a Reuters request for comment. Paramount reached a $122.5 million settlement in March with Viacom shareholders that also stemmed from the merger. Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley is cooperating with U.S. regulators on block-trading probe
▼ + stars: | 2023-02-24 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Morgan Stanley (MS.N) said it was cooperating with U.S. regulators over investigations into its block-trading practices and providing authorities with information, according to a filingon Friday. The Wall Street firm added it could face civil claims from market participants who said they were harmed by the company's practices. Morgan Stanley said it has been responding to subpoenas and other requests for information from the U.S. Attorney's Office for the Southern District of New York and the enforcement division of the Securities and Exchange Commission. On Feb. 6, a New York state judge refused to dismiss a proposed class action against Morgan Stanley and other underwriters that helped the media company Viacom Inc sell $2.7 billion of stock in March 2021. Archegos collapsed in March 2021 after failing to meet margin calls on swaps on Viacom CBS and other stocks.

A lawyer for CBS, now known as Paramount Global (PARA.O), said the company has tentatively agreed to pay $7.25 million and Moonves would pay $2.5 million to shareholders. Neither the company nor Moonves will admit wrongdoing as part of the settlement. Lawyers for CBS, Moonves and the shareholders did not immediately respond to requests for comment. CBS and Moonves agreed in April to pay $14.75 million to settle the shareholder case, which alleged they initially hid the misconduct allegations while publicly supporting the #MeToo movement. In December 2018, CBS said it had fired Moonves for cause and withheld his $120 million severance package.

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