Paramount Q2 earnings report

Paramount to Replace CEO, Names Interim Leaders Amid $3B Skydance Offer

Apr 29, 2024, 03:15 PM

Paramount Global is undergoing significant leadership changes amid merger discussions with Skydance Media. The board of Paramount is considering replacing CEO Bob Bakish as soon as Monday and has proposed a temporary management structure, appointing George Cheeks, Chris McCarthy, and Brian Robbins to an interim 'Office of the CEO'. This move comes as the company navigates complex merger negotiations, with Skydance making a final offer reportedly involving a $3 billion cash component aimed at Class B shareholders. Amidst these developments, Paramount reported Q1 revenue of $7.69 billion and adjusted EPS of $0.62, slightly missing expected figures.