Mayhem at Paramount as Merger Looms

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The Wall Street Journal

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🗓️ 1 May 2024

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

On Monday, Bob Bakish stepped down as CEO of Paramount, one of America’s most iconic media companies. WSJ’s Jessica Toonkel reports on how Bakish’s relationship with Shari Redstone, chair of Paramount, has deteriorated amidst one of the messiest merger dramas in recent history. Further Reading: - A Media Heiress’s Bid to Sell Sets Off Mayhem Inside Paramount - How Bob Bakish, the Anti-Mogul CEO, Struggled to Rescue Paramount - Shari Redstone’s Path to Power Further Listening: - Why Buying Paramount Global Won’t Be Easy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	On Monday, the CEO of a major entertainment company stepped down.
0:11.0	We're getting some news that the Paramount Global is announcing new leadership changes.
0:16.0	And the Paramount Global Chairman, Sherry Redstone has lost confidence in Paramount CEO Bob Backish.
0:21.0	Bob Backish is out as head of Paramount Global.
0:25.0	After seven years at the helm, Backish was no longer running the company that is home
0:31.0	to broadcaster CBS.
0:33.0	Those stories and more tonight on 60 minutes.
0:37.0	Comedy Central.
0:40.0	It's America's only source for news.
0:42.0	This is the Daily Church. And classic movies like The Godfather.
0:47.0	What are they worried about?
0:48.0	If I wanted to kill you, you'd be dead already.
0:51.0	Indiana Jones. Give me the whip.
0:54.0	Adieu, senior.
0:56.0	And Titanic.
0:57.0	I'm the King of the World! Backish. the world.
1:10.8	Backish had been thrown overboard as a result of mounting tensions between him and Paramount's board and its owner Sherry Redstone.
1:15.0	And is there an analogy between Paramount and the Titanic?
1:20.0	One could argue at this point in the media landscape when people are cancelling their cable
1:27.2	subscriptions in droves and advertising is very much in flux. You could say that maybe there's some moving of the deck chairs
1:36.2	on Paramount slash the Titanic. I would say that's a fair analogy.
1:42.4	That's our colleague Jessica Tunkle who broke the story about Backish. She says that this is the latest twist in a long saga for the media giant.
	...

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