Bob Bakish, then president and chief executive officer of Viacom Inc., speaks during the Mobile World Congress Americas event in Los Angeles, California, U.S., on Tuesday, Oct. 22, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
Paramount Global’s board is preparing to fire Chief Executive Officer Bob Bakish as soon as Monday morning, according to people familiar with the matter.
Paramount Global reports its quarterly earnings Monday. Bakish won’t be on the call, the people said.
The board is expected to lean on company division heads in lieu of a CEO while it negotiates a possible merger with Skydance Media. Paramount Global has set up a special committee to explore the deal. The companies are in exclusive talks to pursue a deal until May 3, though that window could be extended.
Bakish has lost the trust of Paramount Global controlling shareholder Shari Redstone, according to people familiar with her thinking. Redstone wanted to make a move to oust Bakish before Paramount Global’s carriage negotiation with Charter Communications, which is pivotal for setting a value for the company in its merger talks with Skydance, the people said.
A spokesperson for Paramount Global declined to comment.
This is a developing story. Check back for updates.