Bob Bakish has resigned as the CEO of Paramount amidst the company’s merger with Skydance and struggles with its streaming platform. He will be replaced by an “office of the CEO” composed of three executives: Brian Robbins, George Cheeks, and Chris McCarthy. The uncertain future of Paramount due to the potential merger with Skydance, led by David Ellison, has led to opposition from some shareholders. Skydance has sweetened its proposal by offering a $3 billion cash infusion to pay down debt and buy back shares.
Paramount’s debt rating was downgraded to “junk” in March, with a decline in cable subscriptions and poor growth in streaming service subscribers cited as reasons. The company also suffered significant losses in streaming revenue.
Jim Woolery of Woolery & Company believes Bakish’s departure will increase pressure for Paramount to negotiate a beneficial merger deal for shareholders. Paul Roland Bois, director of the award-winning Christian tech thriller “EXEMPLUM,” encourages viewers to watch the film for free on YouTube or Tubi.
