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.
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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
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.
Technology
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.
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.
Pakistan
CM KP de-notifies Sher Afzal’s brother from post
Administration Department Khyber Pakhtunkhwa has also issued a de-notification notice to Special Assistant Khalid Latif Khan
Peshawar: Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur Friday removed his Special Assistant and National Assembly member Sher Afzal Marwat’s brother Khalid Latif Khan Marwat from the post.
In a statement issued by the KP government, it has been said that the Chief Minister has de-notified Khalid Latif Khan from the post of Special Assistant to the Chief Minister for Science and Technology and Information Technology using his constitutional powers.
Administration Department Khyber Pakhtunkhwa has also issued a de-notification notice to Special Assistant Khalid Latif Khan.
Earlier, reports were circulating that Chief Minister Gandapur had complained to Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan in Adiala Jail regarding Khalid Latif that he was interfering in various departments while Chief Minister had also criticized his performance.
On the other hand, differences emerged in the PTI when Khalid Latif Khan Marwart joined the KP cabinet.
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