Paramount announced Monday that its president and CEO Bob Bakish is out and will be replaced by a trio of execs.
Bakish is stepping down from the entertainment studio as major shareholder Shari Redstone inches closer to a possible sale of her controlling stake in the company.
David Ellison's Skydance Media has been angling to buy Paramount.
The son of Oracle founder and billionaire Larry Ellison has been working with a group of investors to take over the studio, Bloomberg previously reported.
For the time being, three executives — CBS head George Cheeks; Chris McCarthy, the president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Nickelodeon boss Brian Robbins — will run the company as an "Office of the CEO," Paramount's board said in a statement.
"The Office of the CEO is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy," the Paramount board said.
In the statement, Shari Redstone (who also serves as the chair of the board) said she has "tremendous confidence" in the new leadership.
"I am extremely excited for what their combined leadership means for Paramount Global and for the opportunities that lie ahead," Redstone said.
She did not discuss a possible sale of her stake in the company. She thanked Bakish for his 27-year run at the company and wished him "all the best."
If the sale goes through, it would be a major feather in David Ellison's cap.
Some have speculated that the Hollywood big-shot could use his father's tech business know-how to power Paramount if his investor group takes over.
