PARAA - Paramount CEO Bob Bakish Out As Skydance Merger Talks Continue: Studio Misses Q1 Revenue Estimates Beats On Earnings | Benzinga
Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA) announced Monday that CEO Bob Bakish is stepping down from the studio’s as the company continues merger talks with Skydance Media.
Paramount said George Cheeks (CBS CEO), Chris McCarthy (CEO Showtime/MTV Entertainment Studios and Paramount Media Networks) and Brian Robbins (CEO Paramount Pictures and Nickelodeon) will lead the company moving forward.
"Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the company. I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners," Paramount Chair Shari Redstone said.
What Happened: Paramount Global reported first-quarter revenue Monday of $7.685 billion, which was up 6% year-over-year. The revenue total missed a Street consensus estimate of $7.732 billion, according to ...