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Paramount replaces CEO with trio as it talks merger with Skydance

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Paramount Global replaced CEO Bob Bakish with a trio of executives, the company announced on Monday in the middle of talks with David Ellison's Skydance Media about a possible merger.

Paramount executive Bob Bakish attends the 2022 MTV Europe Music Awards at the PSD Bank Dome in Duesseldorf, Germany, November 13, 2022. REUTERS/Thilo Schmuelgen/File Photoreplaced CEO Bob Bakish with a trio of executives, the company announced on Monday in the middle of talks with David Ellison's Skydance Media about a possible merger.

"We're finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in a rapidly changing world," McCarthy said on the company's quarterly earnings call.The new arrangement "looks like a car crash with clear divisions among key stakeholders," PP Foresight analyst Paolo Pescatore said in a written note.

McCarthy said the three new leaders had "worked together collaboratively for years and have known each other for decades."For the quarter ended in March, Paramount reported adjusted earnings per share of 62 cents, well ahead of the 36 cents consensus of analysts.

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