Paramount says CEO Bob Bakish is stepping down, forms new office to 'streamline operations'
Paramount Global (PARA) on Monday said that Chief Executive Bob Bakish would step down from that role and from the entertainment company's board of directors. In his place, the company said it had established an Office of the CEO, consisting of 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. The move comes as Paramount reportedly holds exclusive merger talks with Skydance Media. The new office, Paramount said in a statement, would "develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy." Shares rose 2.9% after hours on Monday.
-Bill Peters
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