Paramount Global is set to remove Bob Bakish as CEO on Monday, putting shareholders to the test on how they want to see the company proceed.
Paramount Global is set to remove Bob Bakish as CEO ahead of the company's quarterly earnings report, which is after the market close Monday.
Paramount is expected to announce Bakish's departure Monday before reporting earnings, which is after the markets close, according to people familiar with the matter. The imbalance has led many at Paramount, including Bakish, to speak out against the deal, which they see as only benefitting Redstone.Redstone is now open to a so-called "majority of the minority" vote on the Skydance deal, according to a person familiar with her thinking.
But by removing Bakish, Redstone and the Paramount Global board are now throwing the status quo into chaos. The company will no longer have a leader or a clear go-forward strategy. Redstone may be trying to force common holders to choose a sale by effectively destabilizing the company without one.
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