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Bob Bakish may be out at Paramount Global before any sale or merger deal for the media company is completed.
The board of directors of Paramount Global, including controlling shareholder Shari Redstone, have discussed a plan to oust Bakish as CEO, the Wall Street Journal reported, citing anonymous sources. Instead, the company would form an “Office of the CEO” comprising Paramount Global’s division heads to run operations on an interim basis, per the report.
A Paramount Global rep declined to comment.
The report comes as Paramount — owner of Paramount Pictures, CBS, Paramount+ and cable channels like MTV and Comedy Central — has been in exclusive M&A talks with David Ellison’s Skydance Media the past two weeks. Meanwhile, word emerged last week that Sony Pictures Entertainment was mulling a joint bid with private-equity firm Apollo Global Management, which had offered more than $27 billion for the entirety of the media company inclusive of its more than $14 billion in debt.
The board has not made a decision about Bakish’s employment status and “it is possible the board could keep him in place,” the Journal report said.
In 2023, Paramount Global bestowed on Bakish a $31.26 million compensation package, according to the company’s April 11 proxy filing. His pay package last year included a $3 million base salary, $15.5 million in stock awards and a $12.4 million cash bonus. Overall, 2023 compensation was down 2.5% from the year prior.
The Paramount Global board’s compensation committee said in the filing, “Mr. Bakish continued to provide strategic leadership and management for our company during a time of tremendous challenges and opportunities.” Bakish and his senior team “continued the disciplined execution of our strategy to deliver world-class content that drives advertising, subscription, and licensing revenue streams, creating value for our partners and shareholders,” the committee said.
Amid the M&A negotiations, four members of Paramount’s board will exit. The four directors — Dawn Ostroff, former chief content and advertising business officer of Spotify; Nicole Seligman, former president of Sony Entertainment; Frederick Terrell, vice chairman of investment banking at Wells Fargo; and Rob Klieger, partner at Hueston Hennigan LLP, who had served as legal counsel to Sumner Redstone — will not stand for reelection at Paramount Global’s June 4 annual meeting, the company disclosed.
Ostroff, Seligman and Terrell are among the directors on Paramount Global’s special committee established to consider M&A proposals. At least one of the departing directors “expressed concerns about the potential Skydance deal,” the Wall Street Journal reported, citing anonymous sources.
Bakish has been president and CEO of Paramount Global since it was formed through the recombination of Viacom and CBS in 2019. Previously, he had been CEO of Viacom since December 2016.
Bakish, 60, joined Viacom in 1997 and held a series of senior corporate, sales and development positions over the next two decades. Before becoming CEO, he headed the company’s international business as president/CEO of Viacom International Media Networks (VIMN) starting in 2007. Prior to Viacom, he worked as a partner with Booz Allen & Hamilton in its media and entertainment practice.
