Paramount CEO Bob Bakish Steps Down, Will Obtain $50 Million Severance Package deal

Paramount CEO Bob Bakish, 60, is stepping down efficient instantly, the corporate introduced Monday. He’ll a severance package deal of over $50 million, with $31 million of that in money.

Bakish, a former administration advisor, joined Viacom in 1997. He turned CEO of Viacom in 2016 and the CEO of the mixed ViacomCBS (now often known as Paramount World) in 2019.

The C-suite shakeup comes as the corporate continues negotiations to merge with Skydance Media, the corporate run by David Ellison, son of Oracle co-founder Larry Ellison, at the moment the fifth richest man on the planet.