Bob Bakish, the former CEO of Paramount Global, was often seen browsing guitars at a music store in Times Square, unnoticed in his role as a high-ranking executive. Unlike many in the entertainment industry known for their celebrity status, Bakish was more comfortable discussing streaming strategies and ad budgets than engaging in Hollywood's glitz and glamour.
After more than seven years at the helm, Bakish's tenure at Paramount has come to an end. The entertainment conglomerate, which includes CBS, networks like MTV and Comedy Central, and its own film studio, announced it is parting ways with Bakish and will now be managed by a committee of senior executives.
During Bakish's leadership, Paramount made strides in streaming with the launch of Paramount+ and the acquisition of Pluto TV. The company also secured a major renewal of its National Football League rights and achieved success with films like "Top Gun: Maverick." However, despite these achievements, Paramount's market value declined, attributed to losses in streaming and a shrinking TV business.
Bakish's departure coincides with Paramount's merger discussions with Skydance Media, a move that has faced criticism from shareholders. Bakish's steady leadership during turbulent times at Paramount has been commended, particularly his ability to maintain stability and employee morale.
Despite industry challenges, Bakish was an early proponent of ad-supported streaming, leading Paramount to acquire Pluto TV in 2019. While Paramount+ has now surpassed 70 million subscribers worldwide, profitability remains a challenge. Bakish's efforts to expand the service included partnerships with Walmart and Delta Air Lines.
Although Bakish faced criticism and challenges during his tenure, some investors recognize the difficult environment he navigated in a rapidly evolving industry.