Paramount Announces CEO Bob Bakish’s Exit as Merger Looms

Bob Bakish is stepping down as chief executive of Paramount Global, the company said Monday. The 60-year-old, who has spent nearly half his life at Paramount, is exiting amid ongoing talks regarding a merger deal with Skydance Media.

There are no immediate plans to replace Bakish. Instead, Paramount said that it would install an “Office of the CEO” made up of three division heads: Brian Robbins, Paramount Pictures CEO; George Cheeks, CBS CEO; and Chris McCarthy, who heads the conglomerate’s entertainment brands, including Showtime and MTV.

Shari Redstone, the chair of Paramount’s board, said in a statement that she had “tremendous confidence” in Robbins, Cheeks, and McCarthy. “They have both the ability to develop and execute on a new strategic plan and to work together as true partners,” she said.

Read more at The Daily Beast.