Bob Bakish, then-President and CEO of Viacom Inc., speaks at the World Action Congress Americas event in Los Angeles, California, United States, Tuesday, October 22, 2019.
Patrick T. Fallon Bloomberg | Getty Images
Paramount Worldwide’s board of directors is preparing to fire Chief Executive Bob Bakish as early as Monday morning, according to people familiar with the matter.
Paramount Worldwide Quarterly earnings are released on Monday. Baksh will not participate in the call, people familiar with the matter said.
The chief executive is expected to be replaced by corporate unit chiefs on the board amid talks over a possible merger with Skydance Media. Paramount Worldwide formed a special committee to explore the deal. The two companies are in exclusive talks to reach a deal by May 3, though that window could be extended.
According to people familiar with the matter, Bakish has lost trust in Paramount Worldwide controlling shareholder Sally Redstone. Redstone wants to move to oust Bakish before Paramount Worldwide enters carriage talks with Charter Communications, which is critical to determining the company’s value in merger talks with Skydance, people familiar with the matter said.
A spokesperson for Paramount Worldwide declined to comment.
Paramount and Skydance are making progress on a final agreement under which Bakish will leave Paramount, CNBC reported Thursday. Skydance plans to appoint its chief executive, David Ellison, to take the helm at Paramount, according to people familiar with the matter.
Bakish privately opposed the merger, claiming it could dilute common shareholders, people familiar with the matter said.
According to a CNBC report on April 5, under the terms of the deal, nearly 50% of the combined company will be owned by Skydance and its private equity partners.
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