Amidst a CBS-Politico joint party ahead of the White House Correspondents’ Dinner, shocking news of Bob Bakish, CEO of parent Paramount Global, set to exit abruptly as early as Monday morning has created a wave of confusion and anxiety among staffers. The sudden announcement triggered a sense of uncertainty and speculation about the future of CBS and who might take over Paramount Global in a few short days.
There have been rumblings about Bakish for days as the company nears the final stretch of exclusive merger negotiations with David Ellison’s Skydance. While Ellison seems primarily interested in the movie studio and historic lot, uncertainties loom over the fate of Paramount Global with the upcoming departure of Bakish. Staffers at the party speculated on various scenarios, including CBS being sold, handed over to Jeff Zucker, or run by a new chief executive.
The speculation is further fueled by the involvement of key players such as RedBird Capital, an Emirati investment fund, and Oracle co-founder Larry Ellison, who is a significant investor in Skydance. The ties between Skydance and Donald Trump have raised apprehension among some CBS staffers, especially considering the political affiliations of investors like David Ellison and Shari Redstone, who controls Paramount through her family holding company NAI.
Shari Redstone had entrusted Bakish with the leadership of a combined ViacomCBS in 2019, but sources suggest that he may not be fully supportive of the Skydance deal. The uncertainty surrounding his impending departure and the potential changes in leadership structure at Paramount Global have left employees and industry insiders wondering about the future direction of the company.
Overall, the sudden exit of Bob Bakish as CEO of Paramount Global has created a cloud of speculation and uncertainty within the company. As the industry awaits more news on the developments at Paramount Global, the potential implications of new leadership and strategic decisions remain a topic of keen interest and concern among stakeholders.