The atmosphere at a CBS-Politico joint party was filled with confusion and anxiety as news broke that Bob Bakish, CEO of parent Paramount Global, is set to exit abruptly. The shocking revelation left staffers in Washington, D.C. reeling, especially as the company is in the final stages of exclusive merger negotiations with David Ellison’s Skydance. The imminent departure of Bakish triggered a wave of speculation about the future of CBS and Paramount Global.
Uncertainty Looms Over the Future
As rumors swirled about Bakish’s departure for days leading up to the party, the unexpected timing of his exit left many wondering what’s next for the company. The uncertainty of who might take over Paramount Global in the coming days left employees on edge. Will it be a troika of top executives, a new chief executive, or someone else entirely? The future of the company seemed uncertain, and network folks were not optimistic about the outcome.
Staffers at the party speculated about various scenarios, including the possibility of CBS being sold or handed over to Jeff Zucker for leadership. The joint venture between RedBird Capital, an Emirati investment fund, and Skydance added another layer of uncertainty, especially given Larry Ellison’s ties to Donald Trump. Reports of Ellison backing Tim Scott, a Republican presidential candidate, raised concerns among some CBS employees.
Shari Redstone, who controls Paramount through her family holding company NAI, appointed Bakish to lead a combined ViacomCBS in 2019. However, sources indicate that Bakish may not have been fully supportive of the Skydance deal. The power dynamics at play within the company added to the speculation and anxiety surrounding Bakish’s sudden departure.
The unexpected exit of Bob Bakish as CEO of Paramount Global has left employees and industry insiders grappling with uncertainty and speculation about the future of the company. The sudden turn of events at the CBS-Politico party underscores the volatile nature of the entertainment industry and the impact of high-level executive decisions on the broader organization. Time will tell what lies ahead for Paramount Global and who will step in to fill the void left by Bakish’s departure.