Former Paramount CEO Bob Bakish Replaced by Trio of Execs
By Movieguide® Contributor
Paramount execs George Cheeks, Brian Robbins and Chris McCarthy have been chosen to replace Bob Bakish as Paramount’s CEO.
Cheeks is president-CEO of CBS, and chief content officer, News and Sports, Paramount+; McCarthy is President & CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+.
“We’re true partners [with] deep respect for each other,” McCarthy said of the new leadership arrangement.
Cheeks added, “[Paramount Global] has the greatest content in the world. That is the most important point. We’ve got incredible assets at this company.”
Cheeks, Robbins and McCarthy shared that they are working on a long-term plan for Paramount that will focus on three pillars: optimizing hit content, maximizing the balance sheet and refining the company’s streaming strategy.
Robbins explained that the trio’s experience creating hit movies and TV shows will help them as they “chart a course forward for our company,” adding, “We look forward to coming back to you in short order to share our plan and discuss it all in detail at that time.”
It was announced that Bakish would be stepping down earlier this week, with a statement from Paramount promising that new leadership is “working with the board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy.”
Controlling shareholder Shari Redstone added, “The Board and I thank Bob for his many contributions over his long career, including in the formation of the combined company as well as his successful efforts to rebuild the great culture Paramount has long been known for. We wish him all the best.”
Movieguide® previously reported on Paramount’s plans for 2024:
Paramount’s CEO, Bob Bakish, revealed the company’s plans for the upcoming year, revealing a continued focus on finding profits through strategic marketing and staff cuts.
“We’re unleashing the power of our content, which remains our mission no matter what challenges we face,” Bakish said. “As an industry we’ve confronted a soft ad market, a volatile macroeconomic environment and two historic strikes just in the last year. All while navigating the ongoing evolution of the streaming business, as industry sentiment and metrics for success continue to shift.”
“And we’ve been on our own journey as a company – to realize the full potential of One Paramount as we transition our business from linear to streaming, and continue fine-tuning how we window and monetize our content,” he continued.
“In many ways, 2024 will be the next great step in our transformation and we must evolve how we work to support that. I can’t emphasize enough how grateful I am for your dedication, and how proud I am of all that this team continues to accomplish. In light of all that we have achieved together, I have no doubt we are up to the task,” Bakish added.
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