In a memo to staff Monday, Chris McCarthy, George Cheeks and Brian Robbins — who’re collectively operating Paramount after the ouster of CEO Bob Bakish — thanked Bakish for his tenure on the firm, whereas signaling a brand new technique forward.
Paramount introduced Bakish was out on the firm Monday, simply forward of releasing first-quarter earnings, with McCarthy, Cheeks and Robbins making up the “Workplace of the CEO” upon his ouster. The three executives will work with the Paramount board and CFO Naveen Chopra.
“We’d prefer to thank Shari and the Board for placing their belief in us. This new construction will permit us to proceed leveraging the facility of your entire firm. Ours is a partnership constructed on respect, camaraderie and, most significantly, a shared love of Paramount International, its staff and our world-class content material,” the memo reads.
The corporate didn’t take any questions in the course of the earnings name Monday, however McCarthy, Cheeks and Robbins briefly spoke, bearing on the thought of “long-term plan,” however not but specifying what that plan will entail. That concept was additionally talked about within the memo.
“Going ahead, we’re finalizing a brand new long-term plan to greatest place this storied firm to succeed in new and better heights in our quickly altering world. Alongside our many completed leaders and unimaginable groups, we’re excited to take these subsequent steps collectively,” the memo reads.
The memo additionally particulars a city corridor that may happen within the coming days.
Bakish will formally step down on Tuesday, and has agreed to stay employed by the corporate via Oct. 31 as a “senior advisor.” His elimination comes as Paramount is negotiating with a possible purchaser group consisting of David Ellison’s Skydance, RedBird Capital and KKR. That plan would maintain Paramount public, however with Skydance and RedBird executives successfully operating issues and executing a brand new technique.
Personal fairness agency Apollo has additionally held discussions with Sony Footage a couple of attainable joint bid in a deal that may take Paramount personal in a merger with Sony and Apollo.
Full memo:
Paramount Staff,
Following up on Shari’s be aware, we need to attain out to briefly handle right this moment’s announcement.
We’d prefer to thank Shari and the Board for placing their belief in us. This new construction will permit us to proceed leveraging the facility of your entire firm. Ours is a partnership constructed on respect, camaraderie and, most significantly, a shared love of Paramount International, its staff and our world-class content material.
We additionally need to thank Bob for his management, many contributions and his help of our manufacturers and companies. We want him properly and far success within the days forward.
Going ahead, we’re finalizing a brand new long-term plan to greatest place this storied firm to succeed in new and better heights in our quickly altering world. Alongside our many completed leaders and unimaginable groups, we’re excited to take these subsequent steps collectively. Immediately’s sturdy Q1 earnings is a direct reflection of your unimaginable arduous work, and we ask that you just proceed to remain centered as we transfer into this subsequent chapter.
We all know this has been a difficult time, and the times forward could also be equally difficult as we adapt and collaborate in new methods collectively. The work we might want to do collectively is essential and can set us up greatest for long run success. Please know we’ll transfer ahead with objective, focus and fervour on behalf of all our essential stakeholders – all of you, our groups, our shareholders, artistic companions, advertisers, and distribution companions.
It’s a variety of information to digest and also you in all probability have a variety of questions. We will probably be in contact over the times forward with extra updates together with a city corridor. Thanks for all the things you do and for what we’ll do collectively sooner or later.
With a lot appreciation,
George, Chris and Brian