Mario Gabelli, chairman and CEO of GAMCO Investors, said Paramount’s debt is manageable in the Claman countdown.
Paramount Global CEO Bob Bakish has stepped down from the entertainment giant after eight years at the helm, the company announced Monday.
The company announced in a press release that Bakish will step down as CEO and board of directors.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| para | paramount global | 12.25 | +0.34 | +2.85% |
Paramount Global CEO Bob Bakish attends the Allen & Company Media and Technology Conference on July 11, 2023 in Sun Valley, Idaho. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Bakish’s resignation comes as the board moves forward with the sale of the company to Skydance Media. Sources told FOX Business that Mr. Bakish clashed with non-executive chairman Shari Redstone over deal terms that were disadvantageous to general shareholders.
Paramount was formed through the merger of CBSViacom.
Shari Redstone attends the Paramount Pictures and DreamWorks Pictures premiere of Ghost in the Shell held at AMC Lincoln Square Theater on March 29, 2017 in New York City. (Jared Siskin/Patrick McMullan via Getty Images/Getty Images)
Her father, Sumner Redstone, made his family millionaires by building a media empire for the company that started as National Amusements in Massachusetts. He was also considered one of the most influential media giants of his time.
Sumner Redstone at the Viacom Inc. office. paraphernalia fr. A plastic blimp bearing the logo of the Nickelodeon cable TV station, which includes various company divisions. (Photo credit: Mario Ruiz/The LIFE Images Collection via Getty Images/Getty Images) (Mario Ruiz/LIFE Image Collection/Getty Images via Getty Images)
Paramount stock has fallen 17% this year, lagging the S&P 500’s 7% rise and lagging rival Disney Inc., which has risen 24% in the same period.
Paramount Global Class B
Paramount said Bakish will be succeeded by CBS President and CEO George Cheeks; It will be led by a newly created Office of the CEO led by a trio of three senior executives. Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
Viacom CEO Robert M. Bakish and Shelly Redstone attend as ViacomCBS Inc. rings the opening bell of the Nasdaq market in New York City, December 5, 2019. (John Lamparke/Getty Images/Getty Images)
“The Board of Directors and I are grateful for Bob’s many contributions over his long career, including the creation of a combined company and his successful efforts to rebuild the great culture Paramount has long been known for,” Redstone said in a statement. ” This is in conjunction with Bakish’s retirement announcement. “We wish him the best.”
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FOX Business’ Charles Gasparino contributed to this report.
