Bob Bakish has stepped down as President and CEO of Paramount Global, as the media giant negotiates a possible merger. A newly established 'Office of the CEO' will fall to a new trio of leaders, George Cheeks, Chris McCarthy, and Brian Robbins, who have divided their responsibilities across each of the networks core assets.

Under the new leadership arrangement, George Cheeks will serve as President and CEO of CBS, Chris McCarthy becomes President and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins will be President and CEO of Paramount Pictures and Nickelodeon. The company has outlined that the newly formed Office of the CEO will work closely with Naveen Chopra, CFO, and the Board of Directors to develop a long-term plan to accelerate growth and streamline operations.

"Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company," said Chair of the Board, Shari Redstone. "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."

Bob Bakish joined Viacom in 1997, later becoming in 2016, and remaining at the helm after the company merged with Paramount in 2019.

"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," said Redstone.

The news comes only hours after David Ellison's Skydance Media made a revised offer to acquire the business, in a move that would see both companies merged to create an entertainment conglomerate worth US$5 billion.

Skyedance is looking to take control of the business through Shari Redstone's stake in National Amusements, which owns 77% of Paramount's voting stock.

The potential deal has previously been opposed by a number of Paramount's investors, who argued that the move would dilute their own holdings.