PARAMOUNT GLOBAL ANNOUNCES NEW LEADERSHIP
Bob Bakish Stepping Down
George Cheeks, Chris McCarthy, and Brian Robbins Appointed as Office of the CEO Building on Track Records of Success Leading Paramount's Business Units
NEW YORK, April 29, 2024 -- The Board of Directors of Paramount Global announced today that Bob Bakish, President and CEO, is stepping down from his role as CEO and from the Board of Directors.
To lead and oversee the company moving forward, Paramount Global has established an Office of the CEO, consisting of three senior company executives: George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon. Cheeks, McCarthy and Robbins will work closely with Naveen Chopra, CFO, and the Board of Directors.
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| George Cheeks; Chris McCarthy; Brian Robbins (PRNewsfoto/Paramount Global) |
The Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy. The Board has great confidence in the leaders comprising the Office of the CEO, all of whom are senior creative executives and business leaders with a track record of success running meaningful businesses within Paramount Global.
Shari Redstone, Chair of the Board, said: "Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company. I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead."
The Board of Directors said, "The creation of the Office of the CEO will enable the Company to accelerate growth and strengthen operations. We look forward to working with George, Chris and Brian as they execute on key initiatives to enhance performance and value creation at Paramount Global."
Bob Bakish joined Viacom in 1997 and took on roles of increasing seniority across the Company's operations, becoming CEO of Viacom in 2016 and the CEO of the combined company in 2019. Ms. Redstone said, "The Board and I thank Bob for his many contributions over his long career, including in the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for. We wish him all the best."
BIOGRAPHIES OF OFFICE OF THE CEO
George Cheeks
George Cheeks assumed the role of President and Chief Executive Officer of CBS in March 2020.
Cheeks oversees CBS-branded assets within Paramount Global, including the CBS Television Network, which encompasses CBS Entertainment, CBS News and CBS Sports, as well as CBS Studios, CBS Stations, CBS Media Ventures, its first-run syndication business, and CBS-branded digital assets. CBS has been the most-watched broadcast network for 15th consecutive seasons, tying its own previous winning streak as the #1 network from 1955-1970.
Cheeks is also the Chief Content Officer, News and Sports, for Paramount+, extending the world-class content from CBS News and CBS Sports to the streaming super service. In addition, his leadership portfolio across Paramount Global includes responsibility for BET, Paramount Television Studios and the company's free-to-air networks in the United Kingdom, Australia, Argentina and Chile.
Chris McCarthy
Chris McCarthy is President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, where he leads a global network of media assets that reach over one billion people in 180 countries and oversees some of the most iconic brands in entertainment including: Paramount, Showtime, MTV, Comedy Central, Smithsonian and more. McCarthy transformed the business by consolidating nine separate businesses into one unified portfolio, which has nearly doubled its audience, streamlined expenses and grown profits. In addition, he spearheaded the expansion of the business with the launch of Showtime/MTV Entertainment Studios, which now produces more than100 series per year and drove an aggressive push of the brands into social media, amassing one of the largest global footprints of any business with nearly 700 million social followers.
Under McCarthy's leadership, the new Showtime/MTV Entertainment Studios produces some of today's biggest and most culturally defining hits including Yellowstone, Emily in Paris, South Park, RuPaul's Drag Race, Billions, Dexter: Origins and The Daily Show with Jon Stewart. In addition, the studios produced a string of #1 hit series that have driven record setting growth at Paramount+ and have made it the fastest growing streaming service three years in a row. These hits include: 1883, 1923, Tulsa King, George and Tammy, Mayor of Kingstown, Yellowjackets, The Chi and Special Ops: Lioness, to name a few.
Brian Robbins
Brian Robbins is President and Chief Executive Officer of Paramount Pictures and Nickelodeon. As President & CEO of Paramount Pictures, Robbins oversees the filmed entertainment division's creative strategy and worldwide business operations including Paramount Pictures, Paramount Animation, Paramount Home Entertainment, Paramount Pictures International, Paramount Licensing Inc., and Paramount Studio Group. In this role, he is focused on driving Paramount's multi-platform strategy and theatrical success through a diversified portfolio of films. Robbins is also at the forefront of securing strategic filmmaker partnerships to expand the studio's global franchise business across live-action features, animation, consumer products and themed entertainment.
Since taking the helm of the studio in 2021, Robbins has overseen, expanded, and reinvigorated beloved franchises like Transformers, Sonic the Hedgehog, A Quiet Place, Mission Impossible, Scream, Teenage Mutant Ninja Turtles and PAW Patrol, with the latter two earning a combined $2.5B in consumer products revenue in 2023 alone. Robbins has been recognized for identifying the value of a theatrical release window relative to streaming, including pivoting the release strategy for Smile and Mean Girls from streaming to theatrical, with Smile going on to be the #1 original horror film of 2022 with a worldwide gross of $217M, becoming the studio's third most profitable film in the last 10 years.
Under Robbins' tenure, Paramount Pictures has to-date earned over $5B in worldwide box office gross, and boasted thirteen #1 hits including Top Gun: Maverick, the studio's biggest film ever.
PARA-IR
About Paramount
Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, Paramount's portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. Paramount holds one of the industry's most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.
For more information about Paramount, please visit www.paramount.com and follow @ParamountCo on social platforms.
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Bakish’s leaving bonus will be roughly $50 million, two sources told The New York Post. He was paid $31.3 million in 2023 compensation and has a contract that runs through December 4, 2025, according to public filings.
Paramount is in the midst of a 30-day exclusive negotiating period with the tech scion David Ellison, whose Skydance Media has teamed up with investment firms RedBird Capital and KKR to acquire Redstone’s National Amusements holding company. On Sunday (4/28), Skydance sweetened its offer by $1 billion, with money earmarked for Paramount’s B-class, or nonvoting, shareholders, according to three people familiar with the deal but not authorized to comment. National Amusements holds 77% of Paramount’s voting shares.
Additionally, private equity firm Apollo Global Management, which has offered $26 billion, is now mulling a partnership with Sony as part of its Paramount acquisition.
In their respective memos, which you can read below, Redstone as well as Cheeks, McCarthy & Robbins recognized Bakish and thanked him for his tenure.
Paramount Team,Following up on Shari’s note, we want to reach out to briefly address today’s announcement.We’d like to thank Shari and the Board for putting their trust in us. This new structure will allow us to continue leveraging the power of the entire company. Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content.We also want to thank Bob for his leadership, many contributions and his support of our brands and businesses. We wish him well and much success in the days ahead.Going forward, we are finalizing a new long-term plan to best position this storied company to reach new and greater heights in our rapidly changing world. Alongside our many accomplished leaders and incredible teams, we’re excited to take these next steps together. Today’s strong Q1 earnings is a direct reflection of your incredible hard work, and we ask that you continue to stay focused as we move into this next chapter.We know this has been a challenging time, and the days ahead may be equally challenging as we adapt and collaborate in new ways together. The work we will need to do together is important and will set us up best for long term success. Please know we will move forward with purpose, focus and passion on behalf of all our important stakeholders – all of you, our teams, our shareholders, creative partners, advertisers, and distribution partners.It’s a lot of news to digest and you probably have a lot of questions. We will be in touch over the days ahead with more updates including a town hall. Thank you for everything you do and for what we will do together in the future.With much appreciation,George, Chris and Brian
As you know, Bob Bakish is stepping down from his role as CEO and from the Board, capping a 27-year career at Paramount.With Bob’s departure, we have created an Office of the CEO. This Office will be comprised of three very talented senior Paramount Global executives: George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon, and they be will working closely with Naveen Chopra, CFO, and the Board of Directors.We have tremendous confidence in George, Chris and Brian. Each of them has extensive experience as creative executives and business leaders with long track records of success. We have watched them work collaboratively for several years and we are excited about what they will accomplish together. As a team they bring to bear incredible knowledge and understanding of our business and will bring stability to the company while simultaneously developing a long-range strategic plan to take full advantage of the opportunities ahead for Paramount Global.We will need all of you to help drive execution of that plan. The strength of Paramount has always been our people. As we continue to work tirelessly to create and deliver award-winning content, accelerate growth and drive value for our shareholders, we have no doubt that you will help propel Paramount Global to even new heights.Finally, I wanted to end with a personal note of thanks to Bob. Among his countless contributions to the company, the one I most appreciate is his success in rebuilding the great culture Paramount. We wish him the very best.Shari Redstone
Here is Bakish’s full memo to Paramount Global employees:
Team,I’m sure you have seen the news that I will be leaving the company, and that George Cheeks, Brian Robbins and Chris McCarthy will be stepping in to lead the Office of the CEO.When I was asked to serve as interim CEO in 2016, I thought it would be a month-long gig. Seven years later, I can truly say the opportunity to lead this incredible company has been an unexpected but most welcome gift, and the greatest honor of my professional life.We have made the biggest shows across the country and around the world, created films beloved by audiences young and old, and produced the biggest events in music, sports, and more that defined culture. We pioneered free ad-supported streaming television, launched the fastest growing pay streaming service in the United States, and elevated one of the most iconic global entertainment brands to create the company we know today as Paramount. We did it all while navigating a fascinating but no less challenging time for media and entertainment – economic ups and downs, mergers and acquisitions, sweeping organizational transformation, and a global pandemic.And we did it with the same spirit of those who built the brands we’ve been so lucky to steward. It’s been my privilege to watch you support each other and nurture our very special, rare corporate culture, while using our platform to do so much good in the communities we serve.I’m incredibly grateful to Shari and the Board for the opportunity to lead this company, and to the mentors and friends I’ve made in my 27 years here. It may sound trite, but it’s undeniably true that it’s the people who make this place. Please know I couldn’t believe more strongly in all of you.You are in great hands with George, Chris and Brian, who are longstanding, seasoned leaders with deep expertise across our brands and businesses. I will be here to support through the transition, and rooting for all of you, your success and happiness, far beyond.With my deepest thanks,Bob
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Originally published: April 29, 2024 at 22:31 BST.
Paramount Global press release courtesy of PR Newswire.
