Los Angeles, California – The board of Paramount Global is reportedly moving swiftly to oust Chief Executive Officer Bob Bakish, with sources indicating the decision could come as soon as Monday morning. Bakish, who served as the president and CEO of Viacom Inc., found himself at the center of speculation during the quarterly earnings call, where he was notably absent.

Amidst talks of a possible merger with Skydance Media, Paramount Global is expected to rely on division heads to lead the company in Bakish’s absence. The board has established a special committee to explore the potential merger, with both companies engaging in exclusive discussions until May 3, with the possibility of extending negotiations.

According to insiders familiar with the situation, controlling shareholder Shari Redstone has reportedly lost confidence in Bakish’s leadership, particularly as Paramount Global engages in crucial negotiations with Charter Communications that could impact the company’s valuation in the merger talks with Skydance. Despite Bakish’s dissent against the merger, reports suggest that a final deal is progressing, with Skydance preparing to appoint its CEO, David Ellison, to lead Paramount.

As discussions around the merger continue, concerns have arisen over the potential dilution of common shareholders should the deal go through. The terms of the agreement indicate that nearly half of the newly merged company would be controlled by Skydance and its private equity partners, leaving the rest in the hands of common shareholders, who would retain ownership through public trading.

The future leadership of Paramount Global remains uncertain as the board contemplates Bakish’s imminent departure and the implications of a potential merger with Skydance Media. The outcome of these developments could have significant repercussions on the entertainment industry landscape and the shareholders invested in the company’s future.

Overall, the looming changes at Paramount Global reflect a shifting tide within the media industry, where strategic partnerships and executive leadership transitions play a pivotal role in shaping the trajectory of major corporations. As stakeholders await further updates and decisions from the board, the impact of these decisions resonates across various sectors, underscoring the interconnected nature of the entertainment business and its ongoing evolution.