Bakish Ousted as Paramount Faces Merger Turmoil

Bob Bakish, former CEO of Paramount Global, was ousted in April 2024 after clashes with Paramount chair Shari Redstone and received a $69.3 million severance package, bringing his total 2024 compensation to nearly $87 million. The severance included salary continuation, bonuses, insurance, and equity awards, according to SEC filings. After his departure, a three-person Office of the CEO was established, with George Cheeks, Chris McCarthy, and Brian Robbins each earning compensation in the $19.5–$22.1 million range, including $6 million co-CEO bonuses. The executive reshuffling occurred as Paramount's shares dropped 27% and revenue stagnated. The company is undergoing an $8 billion merger with Skydance Media, expected to close by mid-2025, but is facing FCC scrutiny and legal actions. The leadership and compensation changes come amid ongoing strategic and financial uncertainty for Paramount.