Paramount CEO Bob Bakish steps down

Delhi: Paramount Global has announced a significant leadership change, revealing that CEO Bob Bakish will be stepping down. In his place, the company will establish a new "Office of the CEO," composed of three executives: George Cheeks, currently the CEO of CBS; Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the CEO of Paramount Pictures.

These executives will collaborate closely with Naveen Chopra, the Chief Financial Officer, and the board of directors in their new roles. This transition comes at a critical time for Paramount, as the company navigates through substantial external interest and potential strategic decisions.

One of the immediate challenges for the new leadership includes dealing with an $11 billion acquisition offer from the private equity firm Apollo Global. This offer puts a spotlight on Paramount's valuable assets, including its film and television production capabilities and its streaming service.

Additionally, there are whispers of a potential merger with Skydance Media, a significant player in the industry known for co-producing hits like “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning” with Paramount.