Paramount CEO Bob Bakish steps down as merger inches closer

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Paramount CEO Bob Bakish is stepping down as the company moves closer to a merger. A team of three executives will lead Paramount instead.

Paramount has removed Bob Bakish as CEO — and it doesn’t have plans to fill the role. The company announced the news as part of its earnings results on Monday, which will leave Paramount reliant on a committee made up of three executives.

It’s getting closer to a deal with Skydance Media, which has extended a final offer to merge with Paramount, according to a report from CNBC. The proposed deal involves Skydance paying a $3 billion cash infusion to buy back shares and pay debts, while also giving shareholders a larger stake than it offered previously, The New York Times reports. Paramount’s special committee still has to approve the deal.

 

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