Paramount CEO Bob Bakish might be out as quickly as Monday as Skydance merger talks proceed

Paramount World’s board is getting ready to fireside Chief Government Officer Bob Bakish as quickly as Monday morning, in keeping with individuals acquainted with the matter.

Paramount Global studies its quarterly earnings Monday. Bakish will not be on the decision, the individuals mentioned.

The board is anticipated to lean on firm division heads in lieu of a CEO whereas it negotiates a doable merger with Skydance Media. Paramount World has arrange a particular committee to discover the deal. The businesses are in unique talks to pursue a deal till Could 3, although that window might be prolonged.

Bakish has misplaced the belief of Paramount World controlling shareholder Shari Redstone, in keeping with individuals acquainted with her pondering. Redstone needed to make a transfer to oust Bakish earlier than Paramount World’s carriage negotiation with Constitution Communications, which is pivotal for setting a worth for the corporate in its merger talks with Skydance, the individuals mentioned.

A spokesperson for Paramount World declined to remark.

Paramount and Skydance have been making headway on a closing deal, below which Bakish would depart Paramount, CNBC reported Thursday. Skydance intends to call its CEO David Ellison to helm Paramount, in keeping with individuals acquainted with the matter.

In personal, Bakish has dissented in opposition to the merger, claiming that it might dilute frequent shareholders, in keeping with individuals acquainted with the matter.

Underneath the deal phrases, nearly 50% of the merged firm could be owned by Skydance and its personal fairness companions, CNBC reported April 5. Frequent shareholders would personal the rest of the corporate, which might proceed to commerce publicly.