Results for: Paramount Global

Sony Pictures and private equity firm Apollo Global Management have formally expressed interest in acquiring Paramount Global for approximately $26 billion. The move comes as Paramount’s special committee considers rival bids from both Sony-Apollo and Skydance Media. The Sony-Apollo offer values Paramount higher than its current enterprise value of $22 billion and would make Sony the majority shareholder. Paramount’s options include continuing negotiations with Skydance, extending the exclusivity period, or considering the Sony-Apollo proposal. The decision will likely impact the future of Paramount and the entertainment industry as a whole.

Paramount Global CEO Bob Bakish has stepped down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish’s departure comes after reports of his private dissent against the merger, which would dilute common shareholders. The company will now be led by an “Office of the CEO,” consisting of CBS president and CEO George Cheeks, Showtime/MTV Entertainment Studios and Paramount Media Networks president and CEO Chris McCarthy, and Paramount Pictures and Nickelodeon head Brian Robbins.

Jo Ann Ross, a pioneering figure in the television industry and the first woman to lead a broadcast network’s ad sales efforts, is retiring from her role as chairman of Paramount Global’s ad sales division at the end of April. During her tenure, Ross played a pivotal role in shaping the advertising landscape for primetime broadcast programs and forged enduring relationships with key advertisers. Paramount CEO Bob Bakish praised Ross’s contributions, including her leadership in integrating the company’s ad sales organization and reimagining its upfront format. Ross joined CBS in 1992, gradually rising to become the longest-tenured sales head in broadcast TV history. She oversaw the development of innovative ad formats, such as product integrations and in-show segments, while also championing diversity and female representation in media and entertainment.

Paramount Global CEO Bob Bakish’s total compensation rose to $31.3 million in 2023, driven by strong performance-based incentives and stock awards. The company’s recent cost-cutting measures and layoffs have faced scrutiny.