To lead and oversee the company moving forward, Paramount Global has established an Office of the CEO, consisting of three senior company executives: George Cheeks, Chris McCarthy, and Brian Robbins.
The Board of Directors of Paramount Global announced today that Bob Bakish, President and CEO, is stepping down from his role as CEO and from the Board of Directors.
To lead and oversee the company moving forward, Paramount Global has established an Office of the CEO, consisting of three senior company executives: George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon. Cheeks, McCarthy and Robbins will work closely with Naveen Chopra, CFO, and the Board of Directors.
The Office of the CEO 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. The Board has great confidence in the leaders comprising the Office of the CEO, all of whom are senior creative executives and business leaders with a track record of success running meaningful businesses within Paramount Global.
Shari Redstone, Chair of the Board, said: “Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company. I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners. I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead.”
The Board of Directors said, “The creation of the Office of the CEO will enable the Company to accelerate growth and strengthen operations. We look forward to working with George, Chris and Brian as they execute on key initiatives to enhance performance and value creation at Paramount Global.”
Bob Bakish joined Viacom in 1997 and took on roles of increasing seniority across the Company’s operations, becoming CEO of Viacom in 2016 and the CEO of the combined company in 2019. Ms. Redstone said, “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.”
PARAMOUNT REPORTS Q1 2024 EARNINGS RESULTS
In addition to the news about its management shakeup, the company also revealed its financial results for the first quarter of 2024.
Paramount+ increased revenue 51% year-over-year and reached more than 71 million global
Subscribers.
Direct-to-consumer adjusted OIBDA improved year-over-year for the 4th consecutive quarter.
Total advertising revenue rose 17%; total company revenue increased 6%.
Generated US$260 million of net operating cash flow and $209 million of free cash flow in Q1.
Naveen Chopra said: “The team delivered another quarter of strong operational and financial performance — including significant growth in total company earnings and free cash flow — despite the dynamic environment we continue to operate in. It was a record-setting quarter for Paramount+ in engagement and revenue, and in the DTC segment as we continued to substantially narrow streaming losses. And CBS dominated with its powerful combination of sports and the return of a delayed fall slate that launched to massive audiences. As we look ahead, we remain focused on execution and transforming our cost base to best position Paramount for the future.”
