Paramount Global replaces CEO Bob Bakish with three executives
The troika comprises George Cheeks, Chris McCarthy and Brian Robbins
Paramount Global has reportedly announced that Bob Bakish is stepping down as CEO of the company.
Bakish will be replaced by a troika of executives who will form a new “Office of the CEO.” The group comprises George Cheeks, the CEO of CBS; Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the CEO of Paramount Pictures.
According to media reports, the company said Cheeks, McCarthy and Robbins will work closely with Chief Financial Officer Naveen Chopra and the board of directors. Among the issues the new CEO trio must face are a reported $11 billion offer from private-equity firm Apollo Global to acquire the studio, which produces films and television programs and runs the streaming service Paramount, reported media companies.
Paramount also released earnings for the quarter ended March 31 on Monday, reporting a net loss attributable to Paramount of $554 million, a reduction from a $1.1 billion net loss in the same year-earlier period. The company reported revenue of $7.66 billion, a 5.8% increase from $7.27 billion a year earlier.
