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Media giant Paramount Global (NASDAQ:PARA) plans to fire its Chief Executive Officer, Bob Bakish, as early as Monday morning, CNBC reported Saturday, citing people familiar with the matter.
The company is scheduled to report its Q1 2024 financials on Monday, and according to the people, Bakish will not join the earnings call,
In his absence, Paramount’s (PARA) division heads are expected to weigh in as the company negotiates a potential merger with Skydance Media. The exclusivity period on that deal expires on Friday. A spokesperson for Paramount Global (PARA) declined to comment.
According to the people, Bakish has failed to win over Paramount’s (PARA) controlling shareholder, Shari Redstone, who wanted to oust the CEO before the company’s carriage negotiations with Charter Communications, a key condition for setting value in a deal with Skydance Media.
Bakish assumed PARA’s leadership after a stint as CEO of Viacom, which merged with CBS in 2019 to form what is now known as Paramount Global.
