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Paramount CEO Bob Bakish steps down as merger inches closer

It’s official.

The company announced the news as part of its earnings results on Monday, which will leave Paramount reliant on a committee made up of three executives. A report from The Wall Street Journal suggests that Shari Redstone, the head of Paramount parent company National Amusements, and other board members aren’t happy with Bakish’s leadership. “Paramount Global includes exceptional assets and we believe strongly in the future value creation potential of the Company,” Redstone says in a statement.

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