Bob Bakish’s tenure as head of media giant Paramount may be coming to an end today, according to weekend reports from the Financial Times.
Quoting “three people familiar with the matter”, the FT said Bakish is not expected to take part in Paramount’s first-quarter earnings call this Monday.
Bakish has clashed with controlling shareholder and executive chair Shari Redstone over a potential takeover of Paramount by Skydance Media, the production company founded by David Ellison, the son of multibillionaire businessman Larry Ellison.
Last week, the Wall Street Journal reported on the deepening rift between the two over the structure of the potential takeover, which would all but certainly lead to Ellison nudging Bakish out as head of the enlarged group.
Sony and private equity firm Apollo Capital are said to be preparing a rival bid for Paramount, though Bakish’s future at the company would still remain in doubt under this alternative ownership.
Paramount Global (NASDAQ:PARA)’s shares have been slashed in half in the past 12 months amid missed revenue estimates and flailing subscription numbers.
The Paramount+ streaming service is struggling to compete in an increasingly cluttered market dominated by Netflix, Amazon Prime and Disney+.
However, in a letter to shareholders in Paramount’s annual report filed on 22 April, Bakish hailed a “tremendous” start to 2024, including a “record-breaking” Super Bowl that delivered all-time high ad sales.
Bakish became Paramount’s president and CEO in 2019 after serving as president and CEO of Viacom for three years. Viacom merged with CBS in 2019 to create Paramount Global (NASDAQ:PARA).
First-quarter earnings are due after US markets close today.