The President and CEO of Paramount Global, Bob Bakish, has been ousted and replaced by a team consisting of Brian Robbins, Chris McCarthy, and George Cheeks. The change in leadership comes as the company reported its quarterly earnings, with company executives hosting a conference call with Wall Street analysts and the media. Shari Redstone, the chair of Paramount’s board, expressed confidence in the new team and their ability to develop and execute a new strategic plan. She thanked Bob Bakish for his contributions to the company over the years.
Bakish had been with the company since 1997 and became CEO in 2019 when Viacom and CBS re-merged to form ViacomCBS, now known as Paramount Global. His departure coincides with David Ellison of Skydance potentially purchasing Shari Redstone’s National Amusements Inc., which controls Paramount Global through its voting shares. There are other suitors, such as Sony and Apollo, as a backup plan. Paramount’s core streaming service, Paramount+, added 3.7 million subscribers in the first quarter of 2024, even as the parent company lost $286 million from streaming.
In the final quarter of 2023, Paramount Global lost $490 million from streaming, but Paramount+ added 4.1 million subscribers. Management expects the streaming service to turn a profit in the U.S. by 2025. Paramount+ lost $511 million in the first quarter of 2023, but it now has over 71 million subscribers. The company’s streaming business includes Pluto TV and BET+, with Showtime folded into the top Paramount+ tier. Paramount Pictures released successful films in the first quarter of 2024, including the “Mean Girls” musical and the Bob Marley biopic “Bob Marley: One Love.”
In terms of original programming, the Paramount+ series “Halo” made the Nielsen Top 10 chart in the first quarter of 2024, along with some acquired programming like “NCIS” and “Criminal Minds.” “Mission: Impossible – Dead Reckoning Part One” also charted on Nielsen’s streaming movies list. Paramount Global is focused on growing its streaming business and expanding its content offerings to attract more subscribers. The company’s leadership shakeup and strategic changes indicate a shift in focus towards achieving profitability and success in the rapidly evolving entertainment industry.
