Bob Bakish, the CEO of Paramount Global, is fired

Bob Bakish, the CEO of Paramount Global, resigned on Monday, a dramatic decision that caused ripples across the media giant as it actively pursues takeover negotiations with Skydance Media.

A trio of executives, comprising Brian Robbins, the chief executive of Paramount Pictures; Chris McCarthy, the chief executive of Showtime and MTV Entertainment Studios; and George Cheeks, the chief executive of CBS, will succeed Bakish, who has headed the company since controlling shareholder Shari Redstone brought Viacom and CBS Corporation back together under one roof in 2019.

While the board of Paramount Pictures works out an agreement with Skydance, led by billionaire Larry Ellison’s son David Ellison, the three leaders will lead the company in the interim. The Redstone family has owned the company since it produced popular franchises like «Top Gun,» «Star Trek,» and «Transformers.»

People with knowledge of the situation told CNN that Redstone and Bakish’s relationship has been icy in recent months. Board members Redstone and others disagreed with Bakish’s strategic choices, which included agreeing to sell BET and keeping Showtime, a premium cable channel, in-house.