Paramount Global’s board is considering replacing CEO Bob Bakish and installing a committee of top executives to run the entertainment giant on an interim basis, according to people familiar with the situation—a stunning move that would come as the company explores a sale. (WSJ)
Bakish has lost the trust of Paramount Global controlling shareholder Shari Redstone, according to people familiar with her thinking. Redstone wanted to make a move to oust Bakish before Paramount Global’s carriage negotiation with Charter Communications, which is pivotal for setting a value for the company in its merger talks with Skydance Media, the people said. (CNBC)
Bakish has privately opposed the potential merger with Skydance, which was founded by billionaire Larry Ellison’s son, David. (Forbes)