Bob Bakish has stepped down as the CEO of Paramount amid his company’s major merger with Skydance and its struggling streaming platform.
Several shareholders have come out publicly against a combination with Skydance, saying it would enrich Ms. Redstone at the expense of other investors. The private equity firm Apollo and Sony have discussed making an all-cash bid for Paramount, an offer that could give the company a serious alternative. But any talks with other suitors must wait until the exclusive negotiation period with Skydance lapses, in early May.
“Hollywood studio Paramount Global has been downgraded to junk status by S&P, which cited the ongoing plunge in cable TV subscriptions as the reason for the credit rating change,” said the report.
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