Paramount Global CEO Bob Bakish is expected to announce his departure Monday after eight years at the top of the movie studio, broadcaster and streamer.
Bakish has been with Paramount, and before that Viacom, since 1997.
Paramount’s board of directors is currently in exclusive talks with the Skydance Media-led consortium in a 30-day period of exclusive negotiation. It’s widely expected that Skydance CEO David Ellison would run the combined operation.
The rival Sony Pictures and Apollo Global consortium is also expected to make an all-cash offer for the company this week.
Bakish had been expected to step down whichever group emerged as the new owner of Paramount.
However, he is also known to have opposed the Skydance Media proposals and will not appear on the post-results analysts call following the publication of its Q1 numbers.
Shari Redstone, who heads the family business National Amusements which is Paramount’s controlling shareholder is said to have been concerned at Bakish’s decision not to sell the Showtime pay-TV operation and at the mounting losses of streaming service Paramount+.
