Paramount Global CEO departs, merger ahead.

What are their plans for Network 10?

That will be the question many in Australia will be asking after the departure of Paramount Global’s CEO Bob Bakish -replaced by a trio of three CEOs who have divided their responsibilities across assets.

Brian Robbins is president & CEO of Paramount Pictures & Nickelodeon and chief content officer, Movies and Kids & Family, Paramount+; George Cheeks is president-CEO of CBS, and chief content officer, News and Sports, Paramount+; Chris McCarthy is President & CEO, Showtime / MTV Entertainment Studios and Paramount Media Networks (including Network 10).

The company said 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.”

The change comes as Board chair Shari Redstone is in late-stage negotiations to sell her controlling stake in Paramount to David Ellison’s Skydance Media.

Redstone sent an email to staff but didn’t address the advanced talks with Skydance.

“As a team, [Cheeks, McCarthy and Robbins] bring to bear incredible knowledge and understanding of our business and will bring stability to the company while simultaneously developing a long-range strategic plan to take full advantage of the opportunities ahead for Paramount Global,” she wrote in the memo.

“We will need all of you to help drive execution of that plan. The strength of Paramount 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 that you will help propel Paramount Global to even new heights.”

Paramount’s first-quarter earnings call, featured short comments from each exec, with the trio being played off by the Mission: Impossible theme.

The three new heads of Paramount Global’s Office of the CEO sent a memo to staff but didn’t directly address the merger & acquisitions negotiations that could dramatically reshape the company.

“Going forward, we are finalizing a new long-term plan to best position this storied company to reach new and greater heights in our rapidly changing world,” they wrote. “Alongside our many accomplished leaders and incredible teams, we’re excited to take these next steps together. Today’s strong Q1 earnings is a direct reflection of your incredible hard work, and we ask that you continue to stay focused as we move into this next chapter.”

“We know this has been a challenging time, and the days ahead may be equally challenging as we adapt and collaborate in new ways together. The work we will need to do together is important and will set us up best for long-term success. Please know we will move forward with purpose, focus and passion on behalf of all our important stakeholders — all of you, our teams, our shareholders, creative partners, advertisers, and distribution partners.”

“We’d like to thank Shari and the Board for putting their trust in us. This new structure will allow us to continue leveraging the power of the entire company,” they wrote. “Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content.”

“We also want to thank Bob for his leadership, many contributions and his support of our brands and businesses. We wish him well and much success in the days ahead.”

The trio concluded, “It’s a lot of news to digest and you probably have a lot of questions. We will be in touch over the days ahead with more updates including a town hall. Thank you for everything you do and for what we will do together in the future.“

Source: Deadline, Variety