May 24, 2024

Former Paramount Global CEO Bob Bakish

Paramount Global CEO Bob Bakish has led the media giant since 2019
Image: Thilo Schmuelgen (Reuters)

Paramount Global, the parent company of CBS and MTV, announced late Monday that CEO Bob Bakish is stepping down from his role.

Bakish is being replaced by an “office of the CEO” made up three division heads at the company. This new office includes CBS CEO George Cheeks, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures and Nickelodeon CEO Brian Robbins.

“I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners,” Shari Redstone, the chair of Paramount’s board, said in a statement. “I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”

Bakish’s exit came as the company was set to to report its first quarter earnings Monday after markets closed. It also came as Paramount continues merger talks with Skydance Media, the movie studio behind Top Gun: Maverick and Mission: Impossible — Dead Reckoning Part One.

This is a developing story and will be updated.

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