Bob Bakish, Paramount CEO, Steps Down as Firm Weighs Merger

Shari Redstone, the proprietor of Paramount, has tried to withstand the erosion of her media empire over the past decade as she confronted the loss of life of cable TV, the rise of streaming and even a failed boardroom coup from a longtime ally.

By her aspect by way of all of it has been Bob Bakish, Paramount’s chief govt. For years, she noticed him as a loyal lieutenant who might navigate the treacherous leisure business with the monetary dexterity of the administration marketing consultant he as soon as was. As Paramount’s share worth sagged, she was affected person with him — at the same time as she steered the corporate towards an eventual sale that he had reservations about.

That persistence formally ran out on Monday.

Mr. Bakish is stepping down efficient instantly, Paramount introduced on Monday, a surprising shake-up within the prime ranks of the corporate because it considers a significant merger.

Mr. Bakish, 60, will likely be changed by an “workplace of the C.E.O.” run by three executives: Brian Robbins, head of the Paramount film studio; George Cheeks, chief govt of Paramount’s CBS division; and Chris McCarthy, chief govt of Showtime and MTV Leisure Studios.

Looming over Mr. Bakish’s exit are broader questions on the way forward for Paramount. Like many media corporations, Paramount has struggled lately to get its streaming enterprise off the bottom as audiences for its cable channels have diminished. In consequence, it has lengthy been thought-about an acquisition goal by rivals seeking to construct up their content material libraries and enhance their leverage in cable negotiations.

In current months, the corporate has been in discussions to merge with Skydance, a media firm run by the tech scion and Hollywood govt David Ellison. Ms. Redstone, who’s Paramount’s controlling shareholder, has already signed off on a possible deal for her stake, however the firm’s administrators have but to achieve an settlement for the entire firm.