Bob Bakish, then president and CEO of Viacom Inc., speaks during the Mobile World Congress Americas event in Los Angeles, California, USA, on Tuesday, October 22, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
Paramount Global's board is preparing to fire CEO Bob Bakish on Monday morning, according to people familiar with the matter.
Big global publishes the quarterly figures on Monday. Bakish will not attend, the people said.
The board is expected to lean on business department heads instead of a CEO as it negotiates a possible merger with Skydance Media. Paramount Global has set up a special committee to investigate the deal. The companies are in exclusive talks to reach a deal until May 3, although that period could be extended.
Bakish has lost the trust of Paramount Global's controlling shareholder, Shari Redstone, according to people familiar with her thinking. Redstone wanted to make a move to oust Bakish before Paramount Global's negotiations with Charter Communications, which are key to establishing value for the company in its merger talks with Skydance, the people said.
A spokesperson for Paramount Global declined to comment.
Paramount and Skydance have moved forward with a final deal that would see Bakish leave Paramount, DailyExpertNews reported Thursday. Skydance plans to appoint its CEO David Ellison to lead Paramount, according to people familiar with the matter.
Privately, Bakish has spoken out against the merger, claiming it could dilute common shareholders, according to people familiar with the matter.
Under the deal terms, nearly 50% of the merged company would be owned by Skydance and its private equity partners, DailyExpertNews reported April 5. Common shareholders would own the remainder of the company, which would continue to trade publicly.