Bob Bakish was ousted by Paramount after clashing with Shari Redstone and he still got rewarded with a $69.3 million golden parachute
- Bob Kakishreleased as the CEO of Paramount last April, received $ 69.3 million as part of his separation compensation. The Package was expressed in a most important filing that the SEC revealed on Friday.
Bob Bakish, the chief executive who was ousted by Paramount in April 2024 amid the fighting battle, was reported to have been given $ 69.3 million in separation, new SEC filings show.
According to the Agreement – Signed April 29, 2024 but filed with an 8-K SEC included SEC on April 25 – Bakish received $ 6.2 million in salaries, $ 24.8 million in bonus continuing, $ 10.36 million as a pro-average bonus for 2024, $ 88,160 on insurance continuation, $ 25,000 with the help of outplacement, and $ 27.81 million in accelerating/continuing equity awards.
His compensation for 2024 costs $ 86.96 million. Last year, he received $ 31.3 million.
Bakish has climbed Viacom rankings since 1997, moving from VP of planning and developing the Executive VP of operations in 2004 before the company's CEO became the CEO in 2016. He continued his chief executive role even after the Viacom combined with CBS to form the Viacomcbs, now Paramouna Global, December 2019.
Bakish reported that there was a major collapse with Shari Redstone, Chairman of the Paramount and CEO of the Theater Chain National Amusement. Shari, of course, is also the son of Sumner Redstone, the founder and chairman of the Viacom and the chairman of the CBS Corporation who died in 2020, just one year after CBS and Viacom. According to The Wall Street JournalBakish reportedly returned behind Shari Redstone to float a potential streaming deal in the Comcast in early 2024, previously against Redstone. The two were also reported to have fought with Bakish's handling of the Paramount's Showtime Division sale; Bakish has been on many offers, including one near $ 6 billion.
The backdrop for all of this, of course, is one of the most -thedramatic battles in capturing the corporation in recent memory, which includes offers from David Ellison's Skydance Media and a $ 26 billion joint bid from Sony and private-equity giant Apollo Global Management.
After Bakish left the company, Paramount created a three-person office of the CEO. “George Cheeks were named President and CEO of CBS; Chris McCarthy became President and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins were named President and CEO of Paramount Pictures and Nickelodeon.
This story was originally featured on Fortune.com
