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Paramount Stock Stumbles After CEO Dismissal Signals an M&A Exit Is Near
Paramount Global's ouster of CEO Bob Bakish did not reassure investors that there's a favorable exit in store for the media conglomerate.
Shares of the company were down more than 4% in trading Tuesday morning, after Bakish’s exit was officially announced and he was replaced by a trio of senior execs tasked with running Paramount Global — for now, anyway. Wall Street analysts said the dismissal of Bakish, who was said to oppose Paramount Global’s prospective merger with David Ellison’s Skydance Media, along with the company’s refusal to take questions during its earnings call was evidence that an M&A deal is nearing. “It appears [Paramount Global] is simply biding time until it either merges with Skydance or accepts a superior takeout offer,” Matthew Dolgin, senior equity analyst at Morningstar, said in a note Tuesday.
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