George Cheeks; Chris McCarthy; Brian Robbins
Three executives will take on the role of CEO of Paramount Global as the Paramount+ owner continues to hold talks with David Ellison’s Skydance Media about a merger.
Paramount confirmed Monday that Bob Bakish, President and CEO, would be stepping down and it was creating a new ‘Office of the CEO’.
The new Office is headed by George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon.
Bakish has been with Paramount, and before that Viacom, since 1997. He has been in charge since the 2019 merger that created ViacomCBS that then took the Paramount Global moniker.
Shari Redstone, Chair of the Board, said: “Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company. 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. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”
In financial results for the period to March 2024, Paramount+ added 3.7 million subscribers, ahead of expectations, and reducing losses. Advertising revenue of 14% received a boost from the CBS Network’s coverage of the Super Bowl in February.
