Paramount Global CEO Bakish steps down, replaced by a trio of division heads

Paramount Global's CEO, Bob Bakish, is stepping down with immediate effect. A trio of division heads—Brian Robbins, George Cheeks, and Chris McCarthy—will temporarily assume leadership duties, forming a 'new office of the CEO'.

Robbins holds the positions of president and CEO of Paramount Pictures and Nickelodeon and chief content officer of Movies and Kids and Family for Paramount+. Cheeks serves as president and CEO of CBS, as well as chief content officer of News and Sports for Paramount+. Meanwhile, McCarthy heads as president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks.

As per a Deadline report, the company said, "Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO, all of whom are senior creative executives and business leaders with a track record of success running meaningful businesses within Paramount Global.”

Acooridng to the board of directors, “The creation of the Office of the CEO will enable the Company to accelerate growth and strengthen operations. We look forward to working with George, Chris and Brian as they execute on key initiatives to enhance performance and value creation at Paramount Global.”

As mentioned in the report, Paramount is in talks for a potential deal with independent producer Skydance Media, helmed by David Ellison. In the discussed terms, Ellison, the son of Oracle Corp. founder Larry Ellison, would acquire the voting shares currently owned by Paramount chair Shari Redstone and her family. This move would entail merging Skydance with Paramount, subsequently positioning Ellison as the new CEO of the combined entity.