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Read the new memo from Paramount Global’s leadership staff after Bakish Ouster




Read the new memo from Paramount Global's leadership staff after Bakish Ouster

The three Paramount Global executives appointed to run the company after Bob Bakish was ousted as CEO sought to reassure employees that they have a long-term strategy.

On Monday, Paramount Global said Bakish is stepping down as CEO and leaving the board. In his place, the company created an “Office of the CEO” committee led by three division heads: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.

The uproar has further fueled uncertainty about the media conglomerate’s future. Bakish’s departure came as Paramount Global’s board and controlling shareholder Shari Redstone were finalizing a deal to merge Paramount with David Ellison’s Skydance Media.

The three new heads of Paramount Global’s Office of the CEO sent a memo to staff after the news was announced. They did not directly address the merger and acquisition negotiations that could dramatically reshape the company.

“Going forward, we are finalizing a new long-term plan to best position this legendary company to reach new and greater heights in our rapidly changing world,” they wrote. “Alongside our many talented leaders and incredible teams, we are excited to take these next steps together. Today’s strong first quarter results are a direct reflection of your incredible hard work, and we ask you to remain focused as we move into this next chapter.”

Cheeks, McCarthy and Robbins continued: “We know this has been a challenging time, and the days ahead could be just as challenging as we adapt and work together in new ways. The work we will have to do together is important and will best prepare us for long-term success. Please know that we will move forward with purpose, focus and passion on behalf of all our key stakeholders – all of you, our teams, our shareholders, creative partners, advertisers and distribution partners.”

“We would like to thank Shari and the board for the trust they place in us. This new structure will allow us to continue to leverage the strengths of the entire company,” they wrote. “Our partnership is built on respect, camaraderie and, most importantly, a shared love for Paramount Global, its employees and our world-class content.”

Redstone, who serves as non-executive chairman of Paramount Globa, also sent a company-wide email. She also did not speak during the advanced discussions with Skydance. “As a team, [Cheeks, McCarthy and Robbins] bring incredible knowledge and understanding of our business and will bring stability to the company while developing a long-term strategic plan to take full advantage of the opportunities ahead for Paramount Global,” she wrote in the memo. “We need all of you to drive the implementation of that plan. Paramount’s strength has always been our people. As we continue to work tirelessly to create and deliver award-winning content, accelerate growth and drive value for our shareholders, we have no doubt you will help propel Paramount Global to even new heights.”

The three Paramount Global executives acknowledged their former boss and thanked him in the memo. “We would also like to thank Bob for his leadership, many contributions and his support of our brands and businesses. We wish him the best and much success in the coming days.”

The trio concluded: “It’s a lot of news to process and you probably have a lot of questions. We will contact you in the coming days with more updates, including a town hall. Thank you for all you do and for what we will do together in the future.”

Pictured above (left to right): George Cheeks, Chris McCarthy, Brian Robbins