Bob Bakish Stepping Down
George Cheeks,
Chris McCarthy, and Brian Robbins
Appointed as Office of the CEO Building on Track Records of Success
Leading Paramount's Business Units
NEW
YORK, April 29, 2024 /PRNewswire/ -- 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."
BIOGRAPHIES OF OFFICE OF THE CEO
George Cheeks
George Cheeks assumed the role of
President and Chief Executive Officer of CBS in March 2020.
Cheeks oversees CBS-branded assets within Paramount Global,
including the CBS Television Network, which encompasses CBS
Entertainment, CBS News and CBS Sports, as well as CBS Studios, CBS
Stations, CBS Media Ventures, its first-run syndication business,
and CBS-branded digital assets. CBS has been the most-watched
broadcast network for 15th consecutive seasons, tying its own
previous winning streak as the #1 network from 1955-1970.
Cheeks is also the Chief Content Officer, News and Sports, for
Paramount+, extending the world-class content from CBS News and CBS
Sports to the streaming super service. In addition, his leadership
portfolio across Paramount Global includes responsibility for BET,
Paramount Television Studios and the company's free-to-air networks
in the United Kingdom,
Australia, Argentina and Chile.
Chris McCarthy
Chris McCarthy is President and
CEO, Showtime/MTV Entertainment Studios and Paramount Media
Networks, where he leads a global network of media assets that
reach over one billion people in 180 countries and oversees some of
the most iconic brands in entertainment including: Paramount,
Showtime, MTV, Comedy Central, Smithsonian and more. McCarthy
transformed the business by consolidating nine separate businesses
into one unified portfolio, which has nearly doubled its audience,
streamlined expenses and grown profits. In addition, he spearheaded
the expansion of the business with the launch of Showtime/MTV
Entertainment Studios, which now produces more than100 series per
year and drove an aggressive push of the brands into social media,
amassing one of the largest global footprints of any business with
nearly 700 million social followers.
Under McCarthy's leadership, the new Showtime/MTV Entertainment
Studios produces some of today's biggest and most culturally
defining hits including Yellowstone, Emily in Paris, South Park, RuPaul's Drag Race,
Billions, Dexter: Origins and The Daily Show with Jon Stewart. In addition, the studios produced a
string of #1 hit series that have driven record setting growth at
Paramount+ and have made it the fastest growing streaming service
three years in a row. These hits include: 1883, 1923, Tulsa King,
George and Tammy, Mayor of Kingstown, Yellowjackets, The Chi and Special
Ops: Lioness, to name a few.
Brian Robbins
Brian Robbins is President and
Chief Executive Officer of Paramount Pictures and Nickelodeon. As
President & CEO of Paramount Pictures, Robbins oversees the
filmed entertainment division's creative strategy and worldwide
business operations including Paramount Pictures, Paramount
Animation, Paramount Home Entertainment, Paramount Pictures
International, Paramount Licensing Inc., and Paramount Studio
Group. In this role, he is focused on driving Paramount's
multi-platform strategy and theatrical success through a
diversified portfolio of films. Robbins is also at the forefront of
securing strategic filmmaker partnerships to expand the studio's
global franchise business across live-action features, animation,
consumer products and themed entertainment.
Since taking the helm of the studio in 2021, Robbins has
overseen, expanded, and reinvigorated beloved franchises like
Transformers, Sonic the Hedgehog, A Quiet Place, Mission
Impossible, Scream, Teenage Mutant Ninja Turtles and PAW
Patrol, with the latter two earning a combined $2.5B in consumer products revenue in 2023 alone.
Robbins has been recognized for identifying the value of a
theatrical release window relative to streaming, including pivoting
the release strategy for Smile and Mean Girls from
streaming to theatrical, with Smile going on to be the #1
original horror film of 2022 with a worldwide gross of $217M, becoming the studio's third most
profitable film in the last 10 years.
Under Robbins' tenure, Paramount Pictures has to-date earned
over $5B in worldwide box office
gross, and boasted thirteen #1 hits including Top Gun:
Maverick, the studio's biggest film ever.
PARA-IR
About Paramount
Paramount Global (NASDAQ: PARA, PARAA) is a leading global
media, streaming and entertainment company that creates premium
content and experiences for audiences worldwide. Driven by iconic
consumer brands, Paramount's portfolio includes CBS, Paramount
Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and
Pluto TV. Paramount holds one of the industry's most extensive
libraries of TV and film titles. In addition to offering innovative
streaming services and digital video products, the company provides
powerful capabilities in production, distribution, and advertising
solutions.
For more information about Paramount, please visit
www.paramount.com and follow @ParamountCo on social platforms.
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SOURCE Paramount Global