CEO Shake-Up Looms At Paramount Global Amid Skydance Merger Discussions

Bibhu Pattnaik

April 28, 2024

Bob Bakish, the current CEO of Paramount Global, may be facing termination as the company continues its merger talks with Skydance Media.

What Happened: A recent CNBC report suggests that the board of Paramount Global (NASDAQ:PARA) is contemplating the dismissal of Bakish, which will possibly come as early as Monday.

In the event of Bakish's departure, the company is expected to rely on division heads while continuing merger discussions with Skydance Media.

Paramount Global has set up a special committee to explore the potential merger. The two companies are in exclusive talks until May 3, though this period may be extended.

See Also: Former Democratic Senator Says Biden's New Capital Gains Tax Proposal Aimed At Billionaires Has 'No Chanc

Shari Redstone, Paramount Global's controlling shareholder, has reportedly lost faith in Bakish. Redstone had plans to remove Bakish before the company's carriage negotiation with Charter Communications, a pivotal event for determining Paramount's value in its merger talks with Skydance.

As the merger talks progress, it is expected that Bakish will leave Paramount and Skydance's CEO David Ellison will take over.

Bakish has privately opposed the merger, arguing it could dilute common shareholders. The proposed deal would see Skydance and its private equity partners owning nearly 50% of the merged company, with ordinary shareholders owning the rest.

Why It Matters: The merger talks between Paramount Global and Skydance Media have been heating up. The companies are reportedly close to agreeing on a valuation of about $5 billion for Skydance in the merger.

Interestingly, this isn't Paramount's first involvement in merger talks.

In December 2023, Bakish met with Warner Bros. Discovery, Inc. CEO David Zaslav to discuss a potential merger.

The discussions centered on how the two companies could complement each other, including leveraging Paramount's children's programming assets and combining CBS News and CNN into a global news outlet.

Now Read: Why Paramount Global Shares Are Gaining Today

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo: Shutterstock

Recommended

Mysterious Gold Leverage Just Announced - Ad

Amazon's Betting Big on This Unknown AI Company - Ad

This Unknown Company Solves the Biggest Issue With AI - Ad

Popular

Over $20M Bet On Coupang? Check Out These 3 Stocks Insiders Are Buying

When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain.

Elon Musk Gives One-Word Response To Joe Biden's Dig At Donald Trump At White House Correspondents' Dinner

Elon Musk reacted to President Joe Biden's recent comments at the White House correspondents' dinner with a one-word response that sparked some discussion on social media.

No. 1 Clean Energy Stock Pick for 2024? (Hint: Uranium)

No. 1 Clean Energy Stock Pick for 2024? (Hint: Uranium) - Ad

During December 2023, the USA, France, UK, and Canada pledged to TRIPLE their nuclear capacity. Rocketing Uranium prices 74% in less than 6 months.

Top 3 Real Estate Stocks That Are Set To Fly

The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down.

Trump Meets With DeSantis, Noem Stirs Up Controversy: How Will Republican Vice President Betting Odds Be Impacted?

The relationship between Donald Trump and Ron DeSantis was heated at times during the Republican primary season, before the Florida governor dropped out of the 2024 presidential election and threw his support behind the

The No. 1 Crypto for 2024

The No. 1 Crypto for 2024 - Ad

We're entering the final crypto bull run, and 2024 will be your last chance to ever get rich from crypto. These five tiny cryptos are believed to create generational wealth over the next 12 months. $30 trillion is poised to funnel into the crypto markets thanks to a new government regulation just signed.

Elon Musk Causes Stir With Response To Professor's Ominous Prediction Of Civil War 'Coming To The West'

Elon Musk raised eyebrows with his recent tweet affirming a prediction of a civil war in the West.

Elon Musk Shares Who He'd Want To Spend His Last Moments With In Response To Warren Buffett's Advice

Over the weekend, Elon Musk agreed with a sentiment shared by investment titan Warren Buffett about the importance of spending time with loved ones, despite their contrasting investment philosophies.

This Stock Could Go Up 66% or More

This Stock Could Go Up 66% or More - Ad

Marc Chaikin built the system that isolated NVDA before it became the best-performing stock of 2023. Get his latest buy here.

Katy Perry and Rihanna didn't attend the Met Gala. But AI-generated images still fooled fans

NEW YORK (AP) — No, and didn't attend the this year. But that didn't stop AI-generated images from tricking some fans into thinking the stars made appearances on the steps of fashion's biggest night.

Trump's Son-In-Law Back In Political Arena? Jared Kushner Reportedly Making Calls To Potential Donors To Attend Ex-President's New York Fundraiser For 2024 Run

It is unclear whether Kushner's recent fundraising efforts are a one-time occurrence or a sign of his increased involvement in Trump's 2024 campaign.

22 Countries Pledge To 3X Nuclear Power - Uranium Prices Soar 74%

22 Countries Pledge To 3X Nuclear Power - Uranium Prices Soar 74% - Ad

Newswire says "Bull market continues in Uranium stocks." Who to pick? Well, exploration records show...

Why Is Apple Stock Soaring Premarket Today?

Apple shares appear on track to reclaim the $180 level for the first time since the start of March after quarterly earnings.

Nvidia's AI Dominance Evident As Tech Behemoths From Microsoft To Meta And Google Keep Pumping Billions Into Chipmaker, Analysis Reveals

Nvidia is set to release its first-quarter earnings, and the company is already making waves in the AI sector. The tech giant's AI infrastructure is in high demand, as evidenced by the increased capital expenditures of its major clients.

The Key to Capitalizing on the AI "Gold Rush"

The Key to Capitalizing on the AI "Gold Rush" - Ad

The AI boom is setting off a $15.7 trillion wealth explosion. Forbes predicts it will unleash the greatest profit engine in history. But only some AI companies and their stock are worth considering. With such rapid market growth, it's crucial to distinguish companies that are fully leveraging AI and more importantly, the ones with mass adoption potential.

Big Players In U.S. Cannabis Could Play The Stock-Value Card In M&A, New Report Shows

As the cannabis industry adapts to its new regulatory environment following the DEA's announcement it would move to

Rio de Janeiro set for Madonnaâ€™s massive Copacabana beach concert that will be her biggest ever

RIO DE JANEIRO (AP) — Madonna will give a free concrete on Copacabana beach Saturday night, turning its vast stretch of sand into an enormous dance floor. It comes after Rio de Janeiro spent the last few days readying itself for the historic performance by the “Queen of Pop.”

Elon's New A.I. Device is About to Shock the World

Elon's New A.I. Device is About to Shock the World - Ad

Using this device you see... Elon Musk just tested a new type of A.I. that according to Wired Magazine will usher in... "The next step in human evolution."

Bystander livestreams during Charlotte standoff show an ever-growing appetite for social media video

CHARLOTTE, N.C. (AP) — Saing Chhoeun was locked out of his Charlotte, North Carolina, home on Monday as law enforcement with high-powered rifles descended into his yard and garage, using a car as a shield as they were from the direction of his neighbor's house.

Nvidia Joins $1.05B Wayve Funding, Advances Automated Driving

Wayve secures $1.05 billion funding, spearheaded by Nvidia and SoftBank, to revolutionize autonomous driving. CEO Alex Kendall's strategy prioritizes adaptable AI, setting the stage for Wayve's expansion and profitability.

Elon Musk Humiliated

Elon Musk Humiliated - Ad

Since Jeff Bezos and Elon Musk first met in 2004 -- they've been involved in a bitter feud... from rockets, to electric vehicles to who's the world richest person...for going on two decades these two have been at each others throats... But what happened on December 31st 2021 just took this rivalry to a new level and humiliated Elon Musk.

China's president arrives in Europe to reinvigorate ties at a time of global tensions

PARIS (AP) — Chinese President Xi Jinping kicked off a three-country on Sunday with the continent divided over how to deal with Beijing's growing power and the U.S.-China rivalry.

Troubled EV Maker Fisker Said To Shut Down California HQ And Relocate Some Staff As Bankruptcy Clock Ticks

Some employees at the Manhattan Beach office have been informed of the relocation and have been asked to prepare for the move by collecting their belongings.

The Mysterious Tale of "America's No. 1 Retirement Stock"

The Mysterious Tale of "America's No. 1 Retirement Stock" - Ad

This factory of 53,000 employees, in Burbank, CA, was camouflaged to look like a sleepy suburb (with the help of artists, set designers, and painters from nearby Hollywood movie studios). The mysterious company behind this disappearing act is now being called "America's No. 1 Retirement Stock".

Federal Judge Indefinitely Postpones Donald Trump's Classified Documents Trial

The trial of ex-President Donald Trump for retaining classified documents has been postponed indefinitely by a federal judge.

Ukraine May Need To Negotiate With Russia To End War, Says Top Intel Officer: 'Both Sides Are Jockeying For The The Most Favorable Position'

Ukraine may need to negotiate with Russia to end the war, as suggested by a senior intelligence official. Negotiations could begin in the second half of 2025.

Buy This Next Gen Crypto Before Its Big Upgrade

Buy This Next Gen Crypto Before Its Big Upgrade - Ad

Experts predict this one crypto will soar 7,200% by the end of the decade... and grow 20X bigger than bitcoin. But you must get in before it's big.

Jim Cramer Advises Investors To Stick With Good Companies Despite Short-Term Losses: 'You Just Need To Figure Out Which Companies Deserve Your Confidence'

Cramer, a prominent figure in the finance world, suggested that investors should not emulate the trading habits of large hedge funds. Instead, he recommended a long-term investment strategy, emphasizing the need to anticipate and endure market declines.

'Charlie And I:' Warren Buffett Reminisces About Late Friend, Whom He Credits As 'Architect Of Today's Berkshire'

Warren Buffett's trusted confidant, Charlie Munger, continues to have a lasting impact on the billionaire investor, evident in Buffett's frequent references to Munger during the shareholder meeting.

41 Banks Launch Radical New Tech -- Is Yours Next?

41 Banks Launch Radical New Tech -- Is Yours Next? - Ad

Your bank could soon adopt a powerful new technology that'll have some big implications for your money. At least 41 different banks are already rolling it out, with official support from the Federal Reserve. These changes could leave many people in the dark, but you don't have to be one of them.

Wall Street Stares At Weaker Open On Rate Anxiety, Hopes For Better Earnings: Analyst Pencils Key S&P 500 Support Level

Trading in U.S. index futures suggests stocks may be off to a lackluster start again on Thursday.

Warren Buffett Was Right! America's Billionaires Now Pay Lower Tax Rate Than Working Class For First Time Ever, New Analysis Shows

According to economist Gabriel Zucman, the effective tax rate of the 400 richest Americans in 2018 was 23%, slightly lower than the 24% rate for the bottom half of income earners.

Uranium Prices Soar 74% in 6 Months! The Uranium Bull Market Is Here to Stay!

Uranium Prices Soar 74% in 6 Months! The Uranium Bull Market Is Here to Stay! - Ad

In December 2023, 22 countries pledged to 3X their nuclear capacity. Sending these uranium stocks into a frenzy.

Berkshire Hathaway event gives good view of Warren Buffett's successor but also raises new questions

This year's gave shareholders their best chance yet to hear from the man who will one day take over as CEO when Warren Buffett is gone, but Buffett said for the first time Saturday that should also take responsibility for the company's investments after he takes over, raising new questions about the succession plan.

Deepfake of principal's voice is the latest case of AI being used for harm

The most recent criminal case involving artificial intelligence , where police say a principal was framed as racist by a fake recording of his voice.

Mystery of the Rich and Connected Revealed

Mystery of the Rich and Connected Revealed - Ad

Former Goldman VP reveals a mysterious "Gold Bank" with huge upside potential... Last time we shared this, some folks could have seen a 995% gain. Don't be surprised if you've never heard of this -- most haven't. But he's sharing all in this new video.

Embed-Map-Marijuana-State Laws, ADVISORY

MARIJUANA-STATE LAWS — Map. This AP digital embed map shows the status of state marijuana laws for recreational and medical use. The Biden administration is considering reclassifying marijuana, which remains illegal at the federal level, as a less dangerous drug. This map is current as of May 3, 2024, and will not update. Source: Marijuana Policy Project.

Want to spend the night in a Paris museum or a house owned by Prince? Airbnb plans to list them

In a mad mix of game-show glitter and marketing flash, is offering customers a chance to spend a night in a Paris museum, stay in houses mocked up to look like movie settings, or sleep surrounded by eight Ferrari racing cars.

PASSIVE INCOME (by this evening)

PASSIVE INCOME (by this evening) - Ad

Hey, I have an unique opportunity for those looking for additional ways to earn income right now. It can be done from home. You can do it in your spare time. And it only takes 6 clicks and as little as $50.

Investing guru Warren Buffett draws thousands, but Charlie Munger's zingers will be missed

OMAHA, Neb. (AP) — Tens of thousands of investors are expected to once again descend on an Omaha, Nebraska, arena Saturday to vacuum up tidbits of wisdom from billionaire Warren Buffett. But a key ingredient will be missing from his annual Berkshire Hathaway : It's the first since Vice Chairman Charlie Munger .

Trending Now