As CEO of Paramount, Bob Bakish is stepping down and being replaced by a trio of senior executives as part of an “Office of the CEO” arrangement. The entertainment studio announced this change on Monday, citing major shareholder Shari Redstone’s consideration to sell her controlling stake in the company. David Ellison, the head of Skydance Media and son of Oracle founder Larry Ellison, has been working with a group of investors to potentially buy out Paramount. Redstone expressed confidence in the new leadership team and their ability to accelerate growth, develop popular content, and optimize streaming strategies. However, she did not address the potential sale of her stake in the company but thanked Bakish for his many years of service.
The leadership change at Paramount could be significant if a sale occurs. Speculation suggests that Ellison’s background in tech business could be used to enhance Paramount’s operations if his investor group takes over. The new executives are tasked with developing a comprehensive long-range plan to strengthen the company’s balance sheet and continue to drive growth. Redstone expressed excitement for the future under the new leadership team.