Blockbuster: Tom Cruise in Top Gun: Maverick
The media titan behind The Godfather, Titanic and Top Gun is drawing up plans for its future after ousting long-time boss Bob Bakish.
After a dramatic boardroom battle, Paramount said Bakish, 60, who had worked at the company and its predecessor Viacom for a quarter of a century, would be replaced by a so-called ‘office of the CEO’.
This is made up of three veteran executives who will manage day-to-day business.
The shake-up comes amid reports of ongoing tensions between Bakish and chairman Shari Redstone.
The pair reportedly disagreed about the direction of the company.
Bank of America analyst Jessica Reif Ehrlich raised concerns about the lack of definitive leadership.
‘As a result, we believe shares will remain volatile,’ she said.
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