Paramount Global CEO Bob Bakish is out, the company announced Monday, as merger negotiations with Skydance Media continue.
to a possible merger, CNBC previously reported. The companies are in exclusive talks to pursue the deal until May 3, and a special committee is already in place.
Bakish has privately dissented against the merger, claiming it will dilute common shareholders, CNBC reported. As part of the proposed deal, nearly 50% of the merged company would be owned by Skydance and its private equity backers, while common shareholders would own the remainder of Paramount, which would remain publicly traded.
The departure also comes as Paramount has been in negotiations with cable company Charter Communications for the carriage of its TV networks including CBS and MTV. The deadline for those negotiations is Tuesday.
Skydance intends to name its CEO David Ellison as head of Paramount if the deal were to happen, CNBC previously reported.
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