Washington, D.C. – Amidst the anticipation of the annual White House Correspondents’ Dinner, a joint CBS-Politico party was filled with confusion and anxiety. Staffers were taken aback by the unexpected news of Bob Bakish’s imminent exit as CEO of Paramount Global, set to happen as early as Monday morning.
Rumors surrounding Bakish had been circulating for days, especially as Paramount Global entered the final stages of exclusive merger negotiations with David Ellison’s Skydance. The news of Bakish’s departure sparked intense speculation about the future of CBS and Paramount Global. Uncertainty loomed over who would lead the company in the days to come, with questions arising about the continuity of leadership and potential changes in executive positions.
At the party, a Paramount Global executive expressed surprise at the speed of Bakish’s departure, remarking, “We knew changes were coming, but no one expected Bob to go so fast.” Speculation among staffers ranged from the possibility of CBS being sold to potential candidates taking over as chief executive, including Jeff Zucker, head of a joint venture involving Skydance’s backers.
Oracle co-founder Larry Ellison’s significant investment in Skydance also raised concerns among some CBS employees at the event, particularly regarding his political ties. Despite this, the focus remained on the implications of Bakish’s exit on the ViacomCBS merger and the direction of the company moving forward.
Shari Redstone, who holds control over Paramount through her family company NAI, entrusted Bakish with overseeing the integration of ViacomCBS in 2019. Sources indicate his reluctance towards the Skydance deal, adding another layer of complexity to the situation. As the industry awaits further developments, the aftermath of Bakish’s departure continues to generate speculation and uncertainty among industry insiders.
In light of these developments, the future leadership of Paramount Global and CBS remains uncertain, leaving many to wonder what changes lie ahead for the media conglomerate.
