Paramount reports mixed Q1 results, but new direction looms as CEO steps down
Investing.com -- Paramount reported first-quarter earnings that topped Wall Street expectations and the media giant has its sights set on a new direction as chief executive Bob Bakish stepped down amid ongoing deal talks.
George Cheeks, CEO of CBS, Chris McCarthy, CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks and Brian Robbins, Chief Executive Officer of Paramount Pictures and Nickelodeon were appointed to the newly created Office of the CEO to "lead and oversee the company moving forward," the company said.
The leadership comes as the company is in talks about a possible merger with Skydance. Skydance sweetened its merger deal, offering to inject $3 billion in the combined company that can used to pay down debt and buyback stock, the New York Times reported Monday, citing unnamed sources.adjusted earnings of $0.62 per share on revenue of $7.69 billion, compared with estimates for EPS of $0.36 on revenue of $7.73 billion.
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