Paramount Global Replaces CEO With 3 Execs

Paramount Global on Monday announced that Bob Bakish is stepping down as CEO of the film, television, and multimedia company. Bakish will be replaced by a troika of executives who will form a new "Office of the CEO." The group includes George Cheeks, the CEO of CBS; Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the CEO of Paramount Pictures. The company said Cheeks, McCarthy, and Robbins will work closely with Chief Financial Officer Naveen Chopra and the board of directors, the AP reports.

The three execs spoke at the start of Paramount's first-quarter earnings call Monday, Deadline reports. Cheeks said Paramount Global "has the greatest content in the world." McCarthy said the trio are "true partners" with "deep respect for each other." Robbins said all three execs have deep knowledge of the industry and strong records of creating hit film and TV titles. Paramount, which is in merger talks with Skydance Media, said its net loss had fallen to $554 million from $1.1 billion, the Wall Street Journal reports. The company said another 3.7 million subscribers had joined Paramount+, bringing the total to 71 million.

(More Paramount stories.)