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Paramount CEO Bob Bakish steps down as merger inches closer

Paramount CEO Bob Bakish is stepping down as the company moves closer to a merger. A team of three executives will lead Paramount instead.

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Paramount has removed Bob Bakish as CEO — and it doesn’t have plans to fill the role. The company announced the news as part of its earnings results on Monday, which will leave Paramount reliant on a committee made up of three executives.

The new Office of the CEO consists of George Cheeks, the president and CEO of CBS; Chris McCarthy, the president and CEO of Showtime, MTV Entertainment Studios, and Paramount Media Networks; and Brian Robbins, the president and CEO of Paramount Pictures and Nickelodeon. Reports first emerged of Bakish’s potential departure on Friday.

Bakish has been with the company since 1997 and became CEO of Viacom in 2016. He remained in the position when Viacom and CBS Corporation merged in 2019 to form Paramount Global, guiding the company through the launch of Paramount Plus and its acquisition of Pluto TV. Bakish is also stepping down from Paramount’s board of directors.

For months now, Paramount has been in talks with several suitors that want to buy all or part of the company. It’s getting closer to a deal with Skydance Media, which has extended a final offer to merge with Paramount, according to a report from CNBC. The proposed deal involves Skydance paying a $3 billion cash infusion to buy back shares and pay debts, while also giving shareholders a larger stake than it offered previously, The New York Times reports. Paramount’s special committee still has to approve the deal.

A report from The Wall Street Journal suggests that Shari Redstone, the head of Paramount parent company National Amusements, and other board members haven’t been happy with Bakish’s leadership. As pointed out by the Journal, Paramount’s market value has dipped significantly since 2019, going from $25.3 billion to $8.4 billion.

“Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company,” Redstone says in a statement. “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.”

Over the past few months, Paramount reported adding 3.7 million Paramount Plus subscribers, bringing its total number of members to 71 million globally. The service’s revenue also increased by 51 percent year over year, while overall advertising saw a boost thanks to the 2024 Super Bowl.

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Pakistan

Naqvi, Khawaja visit Lahore Airport, unhappy with facilities

The Home Minister ordered that the long and three-tier search process at the airport be simplified and expedited

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Lahore: Federal Interior and Narcotics Control Minister Mohsin Naqvi Friday expressed dissatisfaction with the facilities available for passengers at Allama Iqbal International Airport in Lahore.

Interior Minister Mohsin Naqvi along with Federal Minister of Aviation and Defense Khawaja Asif paid two-hour long visit to Allama Iqbal International Airport Lahore.

The federal ministers reviewed the management for the passengers at the immigration counters, also observed the search process of Anti-Narcotics Force (ANF), Airports Security Force (ASF) and Customs. They also reviewed the facilities available for the passengers at the airport.

Expressing dissatisfaction over the facilities for passengers at the airport, the federal ministers decided that the immigration counters would be increased at the Lahore airport for the convenience of passengers going abroad.

The Home Minister ordered that the long and three-tier search process at the airport be simplified and expedited.

He asked ASF, ANF and Customs officials for a plan to facilitate the search and directed them to prepare and submit a workable plan in the next 24 hours.

A meeting was also held in the conference room of the airport under the chairmanship of the federal ministers, in which a briefing was given about the measures to facilitate the passengers at the airport. The federal ministers issued necessary instructions to the relevant authorities to increase the facilities for the passengers.

Speaking in the meeting, Federal Aviation Minister Khawaja Asif said that after the successful experience at Lahore Airport, the search process will be started at other airports as well. The relevant institutions need to take immediate steps to facilitate the movement of passengers at the airports.

The Minister of Interior while ordering the increase in the number of immigration counters at the arrival and departure terminal abroad said: “The number of immigration counters should be increased immediately to save the passengers from the hassle of waiting. The final plan to increase immigration counters should be presented within three days”.

Mohsin Naqvi further said that by increasing the immigration counters, passengers will be relieved from waiting, and out-of-the-box measures should be taken to provide maximum facilities to the passengers.

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Pakistan

SC to hear Faizabad dharna case on May 6

The report of the Faizabad Dharna Commission will be submitted to the court on behalf of the federal government

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Islamabad: The Supreme Court Friday fixed the Faizabad sit-in case for hearing and issued notices to the concerned parties.

According to the details, a three-member bench headed by Chief Justice of Pakistan (CJP) Qazi Faez Isa will hear the case on May 6.

The report of the Faizabad Dharna Commission will be submitted to the court on behalf of the federal government.

It is pertinent to note that on April 16, the Faizabad Dharna Commission set up to investigate the 2017 sit-in by Tehreek-e-Labaik Pakistan (TLP) submitted its report to the federal government. Among other things, it was recommended to draft legislation and rules to regulate the functioning of intelligence agencies.

In the third week of January this year, the inquiry commission had to finalize the report and submit it to the Supreme Court. The federal government had directly approached the Apex Court for an extension of the stipulated time.

The position was adopted in the petition that the Faizabad Commission cannot finalize the report on the date given by the Supreme Court, the period of the inquiry commission should be extended.

Earlier on January 22, the Supreme Court had given one more month to the Faizabad Dharna Inquiry Commission to submit its report.

It may be noted that on November 15, during the hearing of the review petitions in the Supreme Court against its decision regarding the 2017 sit-in of TLP in Faizabad, the federal government had told the apex court that for the investigation into the matter, the government has formed a commission for this.

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