In a potential shakeup at Paramount Global, the media company's CEO, Bob Bakish, may be removed from his position before any sale or merger deal is finalized, according to reports from the Wall Street Journal. The company's board of directors, including controlling shareholder Shari Redstone, is said to have discussed a plan to oust Bakish, citing anonymous sources.

Instead of Bakish, the board is reportedly considering forming an "Office of the CEO" composed of division heads within Paramount Global to temporarily oversee operations. However, a representative from Paramount Global declined to comment on the matter.

These discussions come amidst ongoing exclusive merger and acquisition talks between Paramount Global and David Ellison's Skydance Media over the past two weeks. Furthermore, recent reports have emerged that Sony Pictures Entertainment and private-equity firm Apollo Global Management are considering a joint bid for the media company, which includes assuming its significant debt of over $14 billion.

Despite these talks, the board has not yet made a final decision regarding Bakish's future at Paramount Global, and there is a possibility that he may be retained as CEO.

Bakish, who has been serving as President and CEO of Paramount Global since the merger of Viacom and CBS in 2019, received a generous compensation package in 2023, amounting to $31.26 million. This package included a $3 million base salary, $15.5 million in stock awards, and a $12.4 million cash bonus. It is worth noting that his compensation for 2023 decreased by 2.5% compared to the previous year.

The compensation committee of the Paramount Global board praised Bakish's strategic leadership and management during challenging times. They emphasized his team's focused execution of their content-driven strategy, which aimed to generate advertising, subscription, and licensing revenue streams, ultimately creating value for partners and shareholders.

As negotiations regarding potential mergers and acquisitions progress, Paramount Global will also witness the departure of four board members. Dawn Ostroff, Nicole Seligman, Frederick Terrell, and Rob Klieger will not stand for reelection at the company's upcoming annual meeting on June 4. Notably, Ostroff, Seligman, and Terrell played key roles on Paramount Global's special committee responsible for assessing M&A proposals. According to anonymous sources, at least one of the departing directors has expressed concerns regarding the potential Skydance deal.

Bob Bakish's career spans over two decades at Viacom before assuming leadership positions within Paramount Global. He joined Viacom in 1997 and held various senior corporate, sales, and development roles. Prior to becoming CEO, Bakish served as President and CEO of Viacom International Media Networks (VIMN) from 2007 onwards. Before joining Viacom, he had significant experience in the media and entertainment industry as a partner at Booz Allen & Hamilton.

It remains to be seen how these ongoing developments will impact the future leadership and direction of Paramount Global as the company navigates potential mergers and acquisitions.