In a significant turn of events, Paramount Global's board is reportedly preparing to oust Chief Executive Officer Bob Bakish as early as Monday morning, according to sources familiar with the matter. These sources have indicated that Bakish will not be present during the company's quarterly earnings call on Monday.

The board is expected to rely on division heads within the company while negotiating a potential merger with Skydance Media. Paramount Global has already established a special committee dedicated to exploring this merger, with the companies currently engaged in exclusive talks until May 3, which may be subject to extension.

Insiders have suggested that Bakish has lost the trust of Paramount Global's controlling shareholder, Shari Redstone. It is believed that Redstone desired Bakish's removal before the crucial carriage negotiation with Charter Communications, which could significantly impact the valuation of the company during its merger discussions with Skydance.

While Paramount Global and Skydance have reportedly been making progress towards finalizing the merger deal, it is anticipated that Bakish will leave Paramount. Sources indicate that Skydance intends to appoint its CEO, David Ellison, as the new leader of Paramount.

Interestingly, Bakish has privately voiced dissent against the merger, raising concerns that it could result in dilution for common shareholders. According to sources, under the proposed deal terms, approximately 50% of the merged company would be owned by Skydance and its private equity partners, while the remainder would be publicly traded and owned by common shareholders.

The spokesperson for Paramount Global declined to comment on these developments, leaving room for speculation and further anticipation about the company's future direction. As the situation unfolds, all eyes remain on Paramount Global's board as they navigate through the merger talks and the imminent leadership change.

Disclosure of specific details regarding the potential merger, financial implications, and projected timeline for a completed deal remain unavailable at this time.