Bob Bakish steps down as head of Paramount

Bob Bakish is stepping down as head of media conglomerate Paramount, the company announced on Monday.

Bakish’s resignation comes as the massive legacy media brand is negotiating a potential sale with Skydance after months of fielding offers from potential buyers.

The company said with Bakish leaving, it is creating an “Office of the CEO” comprising three senior company executives, George Cheeks, Chris McCarthy and Brian Robbins, who each lead major divisions within the company.

 “Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company,” said Shari Redstone, chair of the board. “I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”

Paramount owns major media brands like CBS, MTV and Nickelodeon.

Bakish joined Viacom in 1997 and became CEO of Viacom in 2016 and the CEO of the combined company in 2019 when it was acquired by Paramount.

His resignation comes just weeks after Paramount reported to investors that advertising revenue on linear television was down 15 percent, reflecting what it called “continued softness in the global advertising market and a 5 percentage point impact from lower political advertising.”

Bakish told investors in February that Paramount was on track to be profitable on streaming by the end of 2025.