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Paramount Global pushed out CEO Bob Bakish on Monday — removing a major opponent to the media giant’s possible merger with Skydance Media.

Bakish, who had run Paramount since 2019, will be replaced by a three-headed “Office of the CEO” –consisting of 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, the company said.

I have tremendous confidence in George, Chris and Brian, Paramount board chair Shari Redstone said in a written statement after cutting ties with Bakish, long viewed as her right hand.

They have both the ability to develop and execute on a new strategic plan and to work together as true partners.”

The announcement came shorty before the debt-saddled company announced its quarterly earnings after the bell.

As expected, Bakish did not lead the earnings call, which kicked off at 4:30p ET and abruptly ended 10 minutes later.

The media conglomerate — home to CBS, MTV, BET, Hollywood studio Paramount Pictures and the Paramount+ streaming service — informed investors that it would not be taking questions from analysts, a staple of any earnings call, as it reported earnings that beat Wall Street expectations.

Cheeks kicked off the call by thanking Bakish, and emphasizing that “Paramount Global has the greatest content in the world.”

“Everything will be built from that,” he added.

Shares of the company rose nearly 1% in after-hours trading to $12.36.

Bakish’s golden parachute will be roughly $50 million, two sources told The Post.

He was paid $31.3 million in 2023 compensationand has a contract that runsthrough December 4, 2025, according to public filings.

Redstone thanked Bakish 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.

Nonetheless, his ouster comes after he reportedly clashed with Redstone, who controls Paramount through her family holding business, National Amusements. The daughter of the late media mogul Sumner Redstone has questionedwhether Bakish pursued strategic opportunitiesfor the company aggressively enough, including a potential sale of the Showtime channel, according to The Wall Street Journal.

Bakish, 60, also has privately argued against Redstone’s sweetheart deal with Skydance — the independent movie studio run by tech heir David Ellison, the son of Oracle co-founder Larry Ellison — because it dilutes common shareholders, according to reports.

The two companies have engaged in exclusive 30-day talks that expire Friday. Skydance planned to buy Redstone’s 77% stake in National Amusement for as much as $2 billion.

The purported payout has led to an outcry from large common shareholders including Mario Gabellis Gamco Investors, Ariel Investments, Matrix and Aspen Sky Trust.

Gabelli whose firm through super voting shares and common Paramount stock is the second leading voting shareholder next to Redstone  recently told The Post that he preferred that Bakish continue his turnaround strategy over a sale.

That includes a deal with Skydance or a sale to private equity firm Apollo Global Management, which has offered $26 billion and is now mulling a partnership with Sony as part of its Paramount acquisition.

In order to quell shareholders, Bloomberg reported Sunday that Redstone and David Ellison have both offered concessions to make the deal more palatable to Paramount’s other investors.

Ellison has put his best and final offer on the table with the offer to buy a block of Paramount shares.

On Monday, The New York Times reported that Skydance had offered to provide the combined company with a $3 billion cash infusion in recent days that it could use to pay down an estimated $14 billion in debt and buy back stock. 

Redstone, who owns a majority of the companys voting shares, has also agreed to let nonvoting shareholders have a say on whether any transaction should be approved.

Should a deal go through, privately-owned Skydance would be valued at $5 billion and merged with Paramount.

Ellison, along with private equity firms KKR and Redbird, plan to raise about $4.5 billion to $5 billion in new equity, according to reports.5

If a deal gets inked, Ellison is expected be named CEO of Paramount Global and former NBCUniversal CEO Jeff Shell as president, CNBC said.

Bakish joined Viacom in 1997 and took on roles of increasing seniority across the company’s operations, grabbing the reins of Viacom in 2016 and becoming the CEO of Paramount Global after Viacom merged with CBS. 

As Redstone and the Paramount board inch closer to a deal with Skydance, which has produced blockbusters for Paramount like Mission: Impossible Dead Reckoning, and Top Gun: Maverick, Bakish has sought out alternatives.

One such deal included a potential streaming partnership with NBCUniversal-parent Comcast, without keeping Redstone or the board in the loop, The Journal said.

Meanwhile, Redstone had grown tired of Bakish, blaming him for the companys overall predicament and what she views as missed chances to strike sound deals, The Journal said.

People close to Redstone said the mogul was open to selling premium channel Showtime, home to Billions, Dexter and Yellowjackets, but that Bakish turned down bids  even rejecting a $3 billion offer from former Showtime CEO David Nevins last year. Instead, Bakish folded Showtime and its content into Paramount+.

Bakish supporters beg to differ, saying that the exec put the company on the map with streaming via its Paramount+ launch, acquisition of Pluto TV, an ad-supported TV streaming service, as well as maintaining CBSs strong industry position, among other things.

But the companys market value has plunged by half since the Viacom-CBS merger as the legacy TV business shrinks and losses pile up in streaming.  

For the quarter that ended in March, Paramount reported adjusted earnings per share of 62 cents, well ahead of the 36 cents consensus of analysts — boosted mainly from revenue generated by hosting the Super Bowl in February.

Still, revenue came in shy of expectations at $7.69 billion. Wall Street had forecast $7.73 billion, according to LSEG data.

During the abbreviated conference, McCarthy underscored that the newly-formed leadership troika has “worked together for years” and that they have “deep respect” for one and other.

He added that the execs are “building a plan” which will “make the most out of our hit content.”

Robbins also attested to his long-standing business relationships with McCarthy and Cheeks.

“We will come back to you in short order with our plans,” he added.

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Meet the ‘moral migrants’ relocating from the West to Russia in search of sanctuary

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Meet the 'moral migrants' relocating from the West to Russia in search of sanctuary

Imagine moving to a country you’ve never been to before, with a culture you have no knowledge of and with a language you’re unable to speak. You’re with your whole family, including three children. And your new home, not your old one, is at war with its neighbour.

Well, that’s exactly what the Hare family did, who relocated to Russia from the United States two years ago because they felt “persecuted”.

“We were noticing a great upsurge in LGBT-type policies coming into the government, especially the school system,” Leo Hare says.

“This is where we drew a line in the sand,” his wife Chantelle adds. “This is a complete demonic attack against the conservative Christian families.”

The devout Christians, who have three sons aged 17, 15 and 12, describe themselves as “moral migrants”.

I’m chatting to them at their apartment in Ivanovo, a city 150 miles from Moscow. It’s a big change from Texas, where the family lived on a farm and had their own shooting range.

But in a country where so-called “LGBT propaganda” is banned, they say they feel safer than before.

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Leo and Chantelle Hare
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Leo and Chantelle Hare

“There are laws that say: ‘no you can’t just run wild and have gay pride parades and dance in front of all the children’. You can’t do this. I like this,” Leo tells me.

The family was granted asylum last year in a ceremony that was covered on state TV. But as unusual as their story may sound, the Hares aren’t the only ones who have turned to Russia in search of sanctuary.

According to the latest figures from Russia’s interior ministry, 2,275 Westerners have applied for a new shared values visa, which was introduced by Vladimir Putin last August.

It’s aimed at those who think the West has become too woke.

Citizens from countries Russia considers unfriendly (which includes Britain, the US and most of the EU) are offered a three-year residency permit without meeting any language requirements or skills criteria.

On the ninth floor of a skyscraper in Moscow’s financial district, a group of adults are holding pens in their mouths and making strange noises.

We’re observing a Russian language class that’s been put on by an expat club to help its members integrate into the local society.

A Russian language class
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A Russian language class

Among those with the bit between their teeth is British national Philip Port from Burnley, Lancashire.

He runs a visa agency for those going in the opposite direction – Russians to the UK – and has been coming to Russia on and off for 20 years. He says he applied for the shared values visa for both practical and ideological reasons.

“I love Russia,” he tells me unapologetically, describing it as “safe as houses”.

“There’s no crime, the streets are clean, it’s well-developed,” he adds.

Philip Port from Burnley
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Philip Port from Burnley

His view of the UK is nowhere near as complimentary.

“I’m all for gay rights, don’t get me wrong, but I think when they’re teaching them to children in school – I’ve got a seven-year-old son, I don’t want him being influenced in that way.”

It’s unclear how many British nationals have migrated to Russia under the shared values visa, but Philip Hutchinson, whose company Moscow Connect helps Westerners apply for the pathway, says he receives between 50 and 80 inquiries a week from the UK.

“There’s a huge amount of people that are frustrated by the way the country’s got in,” he tells me. “Taxes keep going up and up and up. And we’re giving all this money to Ukraine.”

Mr Hutchinson stood as a candidate for the Conservative Party in last year’s local elections in Britain.

He moved to Moscow earlier this year after his Russian wife was unable to obtain a UK visa, bucking a trend that saw most Western expats flee Russia after its invasion of Ukraine in February 2022.

I ask him if the war bothers him or his clients.

“It doesn’t,” he answers without hesitation. “As far as I’m concerned, I’m not getting involved in that. You know, I’m not here to deal with politics.”

Read more from Sky News:
How is Britain’s immigration system actually changing?
Everything we know about China’s new ‘super embassy’

But is politics at play here?

After arriving in Russia, many of the “ideological immigrants” post slick videos on social media about how wonderful their new life is.

The Hare family was granted asylum last year in a ceremony that was covered on state TV
Image:
The Hare family was granted asylum last year in a ceremony that was covered on state TV

One prominent American blogger called Derek Huffman, who moved to Russia with his family from Arizona, has even joined the Russian army to fight in Ukraine.

It’s the perfect PR for a country that markets itself as a beacon of conservative values, and as the antidote to moribund, Western liberalism. But Russia insists it’s not running a recruitment campaign.

“We don’t give any social security guarantee or any free housing,” says Maria Butina, the Russian lawmaker spearheading the shared values programme.

“People come on their own with their own money, own families, at their own expense.”

Not everyone’s had a positive experience, though. The Hares say they were scammed out of $50,000 (£38,200) by the family who initially put them up when they arrived in Russia.

And their two oldest sons have returned to America, because of problems finding a school. The family weren’t aware that children are required to speak Russian to be eligible for a state education.

So, do they regret moving here?

“Moving so fast? Probably,” Leo admits.

“At times though, your pathway in life takes you places you wouldn’t have willingly gone. But through God and providence, you’re meant to go through this.”

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Haunted by Trump deja vu, Ukraine and its allies are in a perilous moment

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Haunted by Trump deja vu, Ukraine and its allies are in a perilous moment

There is a profound sense of deja vu surrounding the Ukraine crisis right now.

It was only a few months ago that European leaders rushed to Washington after Donald Trump appeared to align with Vladimir Putin at their Alaska Summit.

The Europeans gathered in Washington in August and appeared convinced that they had pulled Trump back around to their mindset: that unity and strength, not capitulation, is the answer for Ukraine.

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Mark Stone on how Ukraine peace plan came about

Well, this week it is possible (some sources say probable) that European leaders will again head to Washington for another attempt to pull Trump back.

Ukraine live: Trump suggests peace plan ‘not final offer’

Ukraine and its allies head to Geneva

The meeting in Geneva on Sunday is absolutely pivotal.

It was billed initially as a meeting between the Americans and the Ukrainians.

But it has since morphed into a wider meeting with a number of European countries sending senior officials.

The core meeting is still expected to be between US envoy Steve Witkoff and the Ukrainians, but sideline talks will now take place with a much wider group of nations.

Many European leaders have spoken to President Trump on Friday and Saturday and plan to do so again.

I am told Keir Starmer’s conversation with him was “good, short but productive.”

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PM: ‘More to do’ on peace plan

Britain’s national security adviser, Jonathan Powell, will be in Geneva.

Over the last nine months, he has emerged as an important British influence on the Trump administration. He is close to Witkoff – who co-wrote or at least signed off on the 28-point plan.

However, the Powell-Witkoff relationship is clearly not close enough to have afforded the UK a heads-up on this latest peace plan.

Kirill Dmitriev and Steve Witkoff during a meeting in Saint Petersburg, Russia, in April. Pic: Reuters
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Kirill Dmitriev and Steve Witkoff during a meeting in Saint Petersburg, Russia, in April. Pic: Reuters

‘Sudden injection’

One source told me that the “sudden injection” by the Americans had “been surprising.”

The American decision to put a rocket under the quest for peace in Ukraine appeared to have vice president JD Vance’s fingerprints on it.

The territorial elements of the peace plan are almost identical to a proposal put forward by Vance in the summer of 2024 before Trump won the election.

Read more:
Trump’s 28-point Ukraine peace plan in full
Battle for frontline towns where Ukraine’s soldiers are surrounded
Starmer reveals Trump peace plan ‘concern’ at G20

Vance’s stance on Ukraine has always leant towards questioning the point of it all. He led the attacks of Volodymyr Zelenskyy at the Oval Office in February.

The US secretary of the army, Dan Driscoll, who has taken a lead in the conversions with Ukrainian officials, is a friend and ally of Vance – the two were at Yale together.

Vance has also been leading calls for his own administration to spend more time on “the home front”.

This sudden momentum on Ukraine could be an attempt to draw a line under it quickly in order to focus attention domestically.

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Trump: ‘I’d like to get to peace’ in Ukraine

The week ahead

So – things to look out for now: first, the Geneva meeting on Sunday – this is pivotal and will set the tone and the agenda for the days ahead. It is day-by-day at the moment.

Out of the Geneva meeting, a meeting of the European “coalition of the willing” countries will convene.

And following that, a contingent of European leaders heading to Washington seems likely – perhaps on Tuesday.

By Wednesday, America begins to wind down for the biggest holiday of the year – Thanksgiving.

Trump’s deadline for an agreement by Thanksgiving still feels improbable, but it’s not impossible that some sort of memorandum of understanding could be signed by then.

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This would ensure momentum remains in the process and Trump is kept encouraged on progress.

He has suggested that the deadline is movable, and that the deal proposed in the 28-point plan is not the final one.

Notwithstanding all this, there is no question that this moment, for Ukraine and for Europe, is perilous and ominous.

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Donald Trump says he would ‘love to see’ Marjorie Taylor Greene return to politics

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Donald Trump says he would 'love to see' Marjorie Taylor Greene return to politics

President Donald Trump says he would “love to see” one-time ally Marjorie Taylor Greene return to politics one day – as the fiery congresswoman reportedly considers a White House run in 2028.

The US leader said “it’s not going to be easy for her” to revive her political career in comments to Sky’s partner network NBC News.

But he added: “I’d love to see that.”

In the meantime, Mr Trump said “she’s got to take a little rest”.

Marjorie Taylor Greene wearing a MAGA cap last year. Pic: AP
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Marjorie Taylor Greene wearing a MAGA cap last year. Pic: AP

Marjorie Taylor Greene – a one-time MAGA ally who has turned into a fierce critic of Mr Trump – unexpectedly announced on Saturday that she would be resigning from Congress.

In a video posted online, the Georgia representative said she did not want her congressional district “to have to endure a hurtful and hateful primary against me by the president we all fought for”.

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Marjorie Taylor Greene attacks Trump in resignation video

Ms Greene’s resignation followed a falling-out with Mr Trump in recent months, as the congresswoman criticised him for his stance on files related to Jeffrey Epstein, along with foreign policy and health care.

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Mr Trump branded her a “traitor” and “lunatic” and said he would endorse a challenger against her when she ran for re-election next year.

She said her last day would be 5 January 2026.

Meanwhile, Time magazine reports that Ms Greene has told allies that she is considering running for president in 2028.

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