Paramount CEO Bob Bakish steps down

The chief executive of Paramount is stepping down, the company’s board of directors announced Monday.

Bob Bakish will be replaced by a new Office of the CEO made up of three senior executives: CBS President George Cheeks, Showtime/MTV President Chris McCarthy and Paramount Pictures/Nickelodeon President Brian Robbins.

“Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the company,“ Paramount Board Chair Shari Redstone said in a statement. “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.”

The Board of Directors said in a statement that the new office will allow the company to grow more quickly, develop popular content, streamline operations, strengthen the balance sheet and optimize the streaming strategy.

Bakish, who has led Paramount Global since 2019, is stepping down immediately. An employee since 1997, he became CEO of Viacom in 2016 and took over as  Paramount CEO shortly after it merged with CBS.

The move comes as Paramount is reportedly in talks to merge with the media company Skydance, run by Hollywood executive David Ellison. The two companies have until early May to work out a deal before Paramount will consider other offers.