Paramount CEO Bob Bakish Steps Down, Trio Of Execs Will Replace Him

HOLLYWOOD, CA — Paramount CEO Bob Bakish is stepping down, the studio announced Monday, as the company is in the midst of considering a merger.

Bakish — whose resignation is effective immediately — will be replaced by a triumvirate "office of the CEO" run by executives who currently lead major divisions of the company: Paramount Pictures CEO Brian Robbins, CBS CEO George Cheeks, and Showtime/MTV Entertainment Studios and Paramount Media Networks CEO Chris McCarthy.

"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," Shari Redstone, Paramount's board chair said in a release.

The shakeup comes as the company has been in talks to merge with Skydance, the large production company led by David Ellison that has has worked with Paramount on some of its biggest franchises, including "Mission: Impossible," "Star Trek," "Top Gun," and "Transformers."

Redstone, Paramount's controlling shareholder, has OK'd the deal for her stake, but the rest of the board has yet to come to an agreement for the whole company. Several shareholders have sounded off against the merger, arguing it would enrich Redsone at the expense of other investors, the New York Times reported.

Meantime, private equity firm Apollo and Sony have considered making an all-cash bid for Paramount, which would prevent the company with a serious alternative, the Times reported.