Skydance Merger Talks and CEO Exit Loom Over Paramount Q1 Earnings

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Paramount reports its quarterly results Monday afternoon as the May 3 deadline for exclusive merger discussions between the two companies quickly approaches

Skydance Media CEO David Ellison, Paramount CEO Bob Bakish and Shari Redstone, Paramount's non-executive chairwoman
Skydance Media CEO David Ellison, Paramount CEO Bob Bakish and Shari Redstone, Paramount's non-executive chairwoman (Chris Smith/TheWrap)

Paramount Global is set to report its quarterly earnings on Monday with an unexpected level of drama surrounding the struggling Hollywood entertainment company.

As TheWrap reported on Saturday, insiders at Paramount say the board is prepared to remove CEO Bob Bakish. Investors are clamoring for clarity on the state of Paramount’s conversations with Skydance Media over a possible deal amid reports that Sony is discussing joining Apollo Global Management in a potential joint counterbid.

With the 30-day period of exclusive talks for Skydance to negotiate with Paramount due to end on May 3, “there is considerable uncertainty around Paramount’s future,” Third Bridge senior analyst Jamie Lumley told TheWrap.

Lucas Manfredi

Lucas Manfredi joined TheWrap in November 2022 after four years at Fox Business. He can be reached at lucas.manfredi@thewrap.com.

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