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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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Politics

Reform UK’s former Wales leader Nathan Gill jailed for accepting pro-Russian bribes

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Reform UK's former Wales leader Nathan Gill jailed for accepting pro-Russian bribes

The former leader of Reform UK in Wales has been sentenced to 10 and a half years after he admitted accepting tens of thousands of pounds in cash to make pro-Russian statements to the media and European Parliament.

Nathan Gill had “abused a position of significant authority and trust” and was “motivated by financial and political gain”, said Mrs Justice Cheema-Grubb during remarks at the Old Bailey on Friday.

Gill, 52, of Anglesey, North Wales, had previously pleaded guilty to eight counts of bribery between 6 December 2018 and 18 July 2019, corresponding to his time as an MEP.

Nathan Gill is surrounded by media as he arrives at the Old Bailey. Pic: PA
Image:
Nathan Gill is surrounded by media as he arrives at the Old Bailey. Pic: PA

The Old Bailey heard his activities were linked to pro-Russian statements about Ukraine while he was a member of the UK Independence Party (UKIP) and subsequently the Brexit Party.

Following an investigation by counter-terrorism police, officers said they believe Gill likely took a minimum of £40,000 in cash and was offering to introduce other British MEPs so they could be bribed. Officers also said they believed some individuals in this case had a direct link to Vladimir Putin.

Nathan Gill pleaded guilty to eight counts of bribery. Pic: Met Police
Image:
Nathan Gill pleaded guilty to eight counts of bribery. Pic: Met Police

Prosecutor Mark Heywood KC previously told the court the bribery offences related to Gill’s association with pro-Russian Oleg Voloshyn, who had been a Ukrainian government official before 2014 and was sanctioned by the UK in 2022.

Gill’s activities emerged in WhatsApp messages after he was stopped at Manchester Airport on 13 September 2021.

He was about to board a flight to Russia to be an observer in elections there.

Bundles of cash recovered

Police said the messages revealed Voloshyn had tasked Gill to make pro-Russian statements on a reward basis. Counter-terrorism officers said the text of some speeches was provided to Gill, which he delivered almost word-for-word.

In other cases, he was paid to offer commentary to news outlets, such as the pro-Russian media organisation 112 Ukraine.

A search of his home in Wales also uncovered thousands in euros and dollars.

Bundles of cash were recovered from Gill's home. Pic: Met Police
Image:
Bundles of cash were recovered from Gill’s home. Pic: Met Police

Pic: Met Police
Image:
Pic: Met Police

Greed ‘primary motivation’

Commander Dominic Murphy, head of the Metropolitan Police Counter Terrorism Command, described Gill as being motivated by money.

“It appears… greed was his primary motivation. But I think there’s an element of him that had a pro-Russian stance as well, but only he can answer that question, to be honest with you, he never told us that.”

Gill was interviewed in March 2022 and made no comment. He was charged and appeared in court in February 2025.

Gill said no comment when interviewed by officers in 2022. Pic: Met Police
Image:
Gill said no comment when interviewed by officers in 2022. Pic: Met Police


‘A grave betrayal of trust’

During sentencing, Mrs Justice Cheema-Grubb described Gill’s offending as “sophisticated” and “a grave betrayal of the trust vested in you by the electorate”.

She told him: “You accepted payments from foreign nationals, made statements on important international matters at their behest, utilised scripted material presented as your own, and orchestrated the involvement of other MPs.

“Your misconduct has ramifications far beyond personal honour, which is now irretrievably damaged. It erodes public confidence in democracy when politicians succumb to financial inducement.”

Gill was paid to offer commentary to pro-Russian media outlet, 112 Ukraine. Pic: Met Police
Image:
Gill was paid to offer commentary to pro-Russian media outlet, 112 Ukraine. Pic: Met Police

Other UK politicians at risk

Commander Murphy said that police were continuing to investigate other MEPs, including some from the UK.

“What we do know from the conversations with [Oleg] Voloshyn is that Nathan Gill actually offered his services to contact other MEPs, mostly UK MEPs, to also make statements that might be supportive of a Russian position in Ukraine,” he said.

He added: “I do believe that some of the individuals in this case do have direct connections to Vladimir Putin. And I have no doubt that if we were able to, we could follow this trail and it would lead straight to Moscow.”

Commander Dominic Murphy believes greed was Gill's primary motivation
Image:
Commander Dominic Murphy believes greed was Gill’s primary motivation

Gill led the Welsh wing of UKIP between 2014 and 2016 and was a member of the Senedd between 2016 and 2017.

He was an MEP between 2014 and 2020, but left UKIP in 2019 to join Nigel Farage’s Brexit Party – later Reform UK.

Political fallout after prison term

Police have confirmed Nigel Farage has not been part of this investigation, but political rivals have called on the Reform UK leader to launch a thorough investigation.

Defence minister Al Carns, a former colonel in the Royal Marines, said Gill’s actions were “a disgrace”. He added: “I just think wherever we see Russian influence in UK politics, it’s got to be weeded out.”

Read more from Sky News:
Zelenskyy reacts to peace plan
Europe cannot reject Trump’s plan
Britain warns Russia over spy ship

Meanwhile, Liberal Democrat leader Sir Ed Davey said “a traitor was at the very top of Reform UK”, referring to Gill, but also launched a direct attack on Mr Farage by calling him, and his party, “a danger to national security”.

“Nigel Farage himself was previously paid to be on Putin’s TV channel, Russia Today, and said he was the world leader he admires the most.

“We must all ask – where do his loyalties really lie? We need a full investigation into Russian interference in our politics,” he said.

Reform UK, which previously kicked Gill out of the party, said in a statement: “Mr Gill’s actions were reprehensible, treasonous and unforgivable. We are glad that justice has been served and fully welcome the sentence Nathan Gill has received.”

Liz Saville Roberts, Plaid Cymru’s Westminster leader, welcomed Gill’s jail sentence “for his acts of betrayal in taking bribes from Russia”.

In a statement, she said: “If the former Reform UK leader in Wales was part of a broader, co-ordinated effort to advance Moscow’s agenda within our democratic institutions, then the public deserves to know the full truth, and how far Russian money and influence reached into Nigel Farage’s inner circle.”

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Politics

Will the government be lowering energy bills in the budget – and will taxes have to rise?

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Will the government be lowering energy bills in the budget - and will taxes have to rise?

There is rampant speculation that the government might do something to bring down energy bills in the budget next week – but what could this look like, and will other taxes go up?

The high rates people pay for heating and electricity is becoming a more salient issue as temperatures drop, and the confirmation the price cap is rising will do nothing to help public opinion on the topic.

Energy bills are also rising as a direct result of government policy, including on net zero, with some criticising Energy Secretary Ed Miliband for his stalwart defence of the project.

Politics latest: Follow live updates

Technology Secretary Liz Kendall told Sky News that the government is looking at taking “more action” on the cost of living, when asked if bills were coming down.

In their election manifesto last year, Labour promised to get energy bills down by £300 by 2030. Here’s how this year’s budget could work towards that.

Remove VAT

More on Energy

Currently, bill payers have to fork out 5% of their charge in VAT.

This would be an easy target for the government if it wants to knock a lump off everyone’s bills, with estimates it could save people about £80 from their annual payments.

Read more:
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What’s driving energy prices higher?

However, there are warnings that this cut would benefit those who spend more on energy more than the poorest households, as it is a percentage tax – which might draw criticism for not aligning with the government’s “working people” mantra.

And with budgets tight, it is unlikely the government would be able to find the estimated £2.5bn in savings from axing VAT on energy, so tax would need to be raised elsewhere to account for it.

Remove policy costs

As Sky News business and economics correspondent Paul Kelso pointed out with the announcement of the rising price cap, wholesale energy prices have fallen.

But household tariffs are going up because of government policy, according to Ofgem, Paul says, with taxpayers forking out for the Sizewell C nuclear power station, the warm homes discount and changes being made to the grid.

Some think tanks and action groups have called for these payments to be moved off bills and into general taxation – like with VAT – in a bid to make those with the “broadest shoulders” carry more of the burden.

Some estimates suggest moving policy payments off bills and to tax could save people again about £80 from their annual bill.

Combined with the VAT change, this leaves a potential for about £160 to be knocked off the average yearly bill – but the money would be raised elsewhere from the expected tax rises.

Changing net zero targets

The most unlikely measure is a change to the government’s net zero targets, but major changes to the policy could knock money off the average bill.

The cost of reaching net zero by 2030 – a key goal of Mr Miliband – is borne out in bills as the reform is being paid through levies of energy bills.

By delaying the 2030 target, it would allow costs to be spread over a longer period, with the trade-off being a longer period of time exposed to higher gas prices.

If this was imposed on Mr Miliband by the Treasury, it would raise speculation about whether he could continue as energy secretary.

Ed Miliband is championing net zero
Image:
Ed Miliband is championing net zero

There are a myriad of other problems with the energy system that are causing higher bill prices.

One is curtailment costs – about £40 a year of every bill is paid to green energy producers to stop them making electricity.

This is because the grid is so old it cannot transport power from areas like Scotland to the rest of the UK when a lot is being generated. This power also cannot be stored for reuse.

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The government is trying to resolve issues with the grid, but this is happening alongside net zero projects.

The Treasury does not comment on budget speculation.

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UK

Reform UK’s former Wales leader Nathan Gill jailed for accepting pro-Russian bribes

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Reform UK's former Wales leader Nathan Gill jailed for accepting pro-Russian bribes

The former leader of Reform UK in Wales has been sentenced to 10 and a half years after he admitted accepting tens of thousands of pounds in cash to make pro-Russian statements to the media and European Parliament.

Nathan Gill had “abused a position of significant authority and trust” and was “motivated by financial and political gain”, said Mrs Justice Cheema-Grubb during remarks at the Old Bailey on Friday.

Gill, 52, of Anglesey, North Wales, had previously pleaded guilty to eight counts of bribery between 6 December 2018 and 18 July 2019, corresponding to his time as an MEP.

Nathan Gill is surrounded by media as he arrives at the Old Bailey. Pic: PA
Image:
Nathan Gill is surrounded by media as he arrives at the Old Bailey. Pic: PA

The Old Bailey heard his activities were linked to pro-Russian statements about Ukraine while he was a member of the UK Independence Party (UKIP) and subsequently the Brexit Party.

Following an investigation by counter-terrorism police, officers said they believe Gill likely took a minimum of £40,000 in cash and was offering to introduce other British MEPs so they could be bribed. Officers also said they believed some individuals in this case had a direct link to Vladimir Putin.

Nathan Gill pleaded guilty to eight counts of bribery. Pic: Met Police
Image:
Nathan Gill pleaded guilty to eight counts of bribery. Pic: Met Police

Prosecutor Mark Heywood KC previously told the court the bribery offences related to Gill’s association with pro-Russian Oleg Voloshyn, who had been a Ukrainian government official before 2014 and was sanctioned by the UK in 2022.

Gill’s activities emerged in WhatsApp messages after he was stopped at Manchester Airport on 13 September 2021.

He was about to board a flight to Russia to be an observer in elections there.

Bundles of cash recovered

Police said the messages revealed Voloshyn had tasked Gill to make pro-Russian statements on a reward basis. Counter-terrorism officers said the text of some speeches was provided to Gill, which he delivered almost word-for-word.

In other cases, he was paid to offer commentary to news outlets, such as the pro-Russian media organisation 112 Ukraine.

A search of his home in Wales also uncovered thousands in euros and dollars.

Bundles of cash were recovered from Gill's home. Pic: Met Police
Image:
Bundles of cash were recovered from Gill’s home. Pic: Met Police

Pic: Met Police
Image:
Pic: Met Police

Greed ‘primary motivation’

Commander Dominic Murphy, head of the Metropolitan Police Counter Terrorism Command, described Gill as being motivated by money.

“It appears… greed was his primary motivation. But I think there’s an element of him that had a pro-Russian stance as well, but only he can answer that question, to be honest with you, he never told us that.”

Gill was interviewed in March 2022 and made no comment. He was charged and appeared in court in February 2025.

Gill said no comment when interviewed by officers in 2022. Pic: Met Police
Image:
Gill said no comment when interviewed by officers in 2022. Pic: Met Police


‘A grave betrayal of trust’

During sentencing, Mrs Justice Cheema-Grubb described Gill’s offending as “sophisticated” and “a grave betrayal of the trust vested in you by the electorate”.

She told him: “You accepted payments from foreign nationals, made statements on important international matters at their behest, utilised scripted material presented as your own, and orchestrated the involvement of other MPs.

“Your misconduct has ramifications far beyond personal honour, which is now irretrievably damaged. It erodes public confidence in democracy when politicians succumb to financial inducement.”

Gill was paid to offer commentary to pro-Russian media outlet, 112 Ukraine. Pic: Met Police
Image:
Gill was paid to offer commentary to pro-Russian media outlet, 112 Ukraine. Pic: Met Police

Other UK politicians at risk

Commander Murphy said that police were continuing to investigate other MEPs, including some from the UK.

“What we do know from the conversations with [Oleg] Voloshyn is that Nathan Gill actually offered his services to contact other MEPs, mostly UK MEPs, to also make statements that might be supportive of a Russian position in Ukraine,” he said.

He added: “I do believe that some of the individuals in this case do have direct connections to Vladimir Putin. And I have no doubt that if we were able to, we could follow this trail and it would lead straight to Moscow.”

Commander Dominic Murphy believes greed was Gill's primary motivation
Image:
Commander Dominic Murphy believes greed was Gill’s primary motivation

Gill led the Welsh wing of UKIP between 2014 and 2016 and was a member of the Senedd between 2016 and 2017.

He was an MEP between 2014 and 2020, but left UKIP in 2019 to join Nigel Farage’s Brexit Party – later Reform UK.

Political fallout after prison term

Police have confirmed Nigel Farage has not been part of this investigation, but political rivals have called on the Reform UK leader to launch a thorough investigation.

Defence minister Al Carns, a former colonel in the Royal Marines, said Gill’s actions were “a disgrace”. He added: “I just think wherever we see Russian influence in UK politics, it’s got to be weeded out.”

Read more from Sky News:
Zelenskyy reacts to peace plan
Europe cannot reject Trump’s plan
Britain warns Russia over spy ship

Meanwhile, Liberal Democrat leader Sir Ed Davey said “a traitor was at the very top of Reform UK”, referring to Gill, but also launched a direct attack on Mr Farage by calling him, and his party, “a danger to national security”.

“Nigel Farage himself was previously paid to be on Putin’s TV channel, Russia Today, and said he was the world leader he admires the most.

“We must all ask – where do his loyalties really lie? We need a full investigation into Russian interference in our politics,” he said.

Reform UK, which previously kicked Gill out of the party, said in a statement: “Mr Gill’s actions were reprehensible, treasonous and unforgivable. We are glad that justice has been served and fully welcome the sentence Nathan Gill has received.”

Liz Saville Roberts, Plaid Cymru’s Westminster leader, welcomed Gill’s jail sentence “for his acts of betrayal in taking bribes from Russia”.

In a statement, she said: “If the former Reform UK leader in Wales was part of a broader, co-ordinated effort to advance Moscow’s agenda within our democratic institutions, then the public deserves to know the full truth, and how far Russian money and influence reached into Nigel Farage’s inner circle.”

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