In a surprising turn of events, Paramount Global CEO Bob Bakish is expected to resign from his position as early as Monday, marking the end of his eight-year tenure at the helm of Shari Redstone's media empire. This news comes amidst the ongoing M&A drama surrounding Paramount Global.

Bakish, who has been with Paramount and its predecessor Viacom since 1997, was initially brought in by Redstone in 2016 to help resolve internal conflicts and restore order within the company. His arrival followed a period of public legal battles among shareholders and a power struggle between Redstone and former Viacom CEO Philippe Dauman.

The impending exit of Bakish first came to light on Friday through reports in the Wall Street Journal. Although a representative for Paramount Global declined to comment on the matter, it is understood that Bakish's departure will be hastened by his opposition to the merger plan currently being developed with Skydance Media.

Currently, Paramount's board of directors is engaged in exclusive acquisition talks with Skydance Media and RedBird Capital. However, another potential bidder, Sony Pictures and Apollo Global Management, is expected to present a formal all-cash offer for the company this week, as the exclusive negotiating window with Skydance expires on May 3.

Despite the ongoing uncertainties and impending changes in leadership, Paramount Global is set to release its first quarter earnings report on Monday. However, it has been reported by CNBC that Bakish will not be participating in the customary conference call with analysts that typically accompanies such disclosures.

It is widely believed that Bakish's departure from Paramount Global was almost certain once the sale process is completed, regardless of the acquirer. The company has faced several challenges over the past year, including a dip in its stock price and consecutive weak earnings, primarily driven by losses in its streaming division.

As Paramount Global navigates through this pivotal moment, all eyes remain on the unfolding merger drama and the potential impact it may have on the company's future.