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Go Tell It On The Mountain! Bob Bakish Is Out At Paramount.

Trouble is brewing at the second oldest film studio in the United States. Paramount Pictures had some major shakeups in the managerial department recently. The deck is shuffling in a big way at the legendary studio and Bob Bakish has found himself in the discard pile.

Studio Head Bob Bakish Has Stepped Down As CEO.

Bakish will be replaced by the newly created Office of the CEO at Paramount. The office will be a triumvirate of Paramount Global executives. Said executives will be Goerge Cheeks of CBS, Chris McCarthy of MTV and Brian Robbins of Paramount Pictures and Nickelodeon.

This story is an interesting one, so let’s dive into it and see what exactly lead to this point.

The Financials At Paramount Are A Factor

Financially, Paramount has been in the news a lot recently and that isn’t necessarily good. Recently, Bob Bakish has been in talks with David Zaslav about a merger with Warner Brothers; another financially unstable studio. I guess the two companies have brushed up on their High School mathematics and came to the conclusion that two negatives equal a positive.

Then there are the rumors that Chairwoman Shari Redstone has agreed to sell Paramount to Skydance Media. Skydance is a growing company that would greatly benefit from having Paramount in their portfolio. 

Alleged Clashes With Shari Redstone Over The Direction Of Paramount Seem To be The Reason For The Ouster Of Bakish.

The potential sale to Skydance seems to have been the catalyst for the departure of Bakish. The former CEO had reservations about the sale and clashed with Shari Redstone over the terms of the deal.

Over at Paramount Plus, the losses continue. While their losses which have recently added up to 490 million dollars. That number is significantly lower than some of Paramount’s competitors in streaming. However, it isn’t exactly a number that would make Shari Redstone happy.

Will A Trio Of CEOs Work?

What’s concerning about the ouster of Bakish, is the decision to replace him with three people. This newly created Office of the CEO is most likely going to implode. Hollywood is a game of egos and ambition. None of these people are going t0 want to share the spotlight. More likely than not, all three of those CEOs are jockeying for position and this is going to be a series of stalemates and arguments.

George Cheeks, Chris McCarthy and Brian Robbins Make Up The Newly Created Office Of The CEO at Paramount Pictures.

You don’t have two head coaches on an NFL team. An orchestra does not have more than one conductor and a studio should not have three CEOs overseeing things. It becomes bureaucratic and confusing. You’re going to have three large egos each giving out three different orders and trying to outshine each other.

In order for things to work, there can be only one.

Final Takeaway

The state of Hollywood is not good. Films aren’t making the money that they used to. The global forecast for 2024 is better than last year, but still not good. After taking a huge financial hit from the strikes last year, the studios are scrambling to make their money back. With the IATSE and Teamsters threatening to strike when their contract is up, more financial woes will begin for tinsel town.

Now is the time for people to get out while they can. Shari Redstone seems to have recognized that. Her deal with Skydance is worth billions and she can live out her golden years stress free. Speaking from pure speculation, said deal probably cut Bob Bakish out of his position or was in some way not favorable to him. This is most likely why he clashed with Redstone over the details.

In a cutthroat industry these things happen. However, I do not feel bad for Mr. Bakish. I’m sure his golden parachute is raining money on him while most of us are struggling to pay the mortgage.

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Thank You for reading! When I am not writing I enjoy skiing, video games, spending time with my four year old daughter Frances, and my loyal hound Marbles.  For more hot takes, follow me here.  You can also check out more of my content on my author’s page.

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