Box office hit: Tom Cruise in Top Gun: Maverick
The media titan behind The Godfather, Titanic and Top Gun is drawing up plans for his future after ousting his former boss Bob Bakish.
After a dramatic boardroom battle, Paramount said Bakish, 60, who had worked at the company and its predecessor Viacom for a quarter of a century, would be replaced in the so-called “office of the CEO.”
It is made up of three veteran executives who will manage the day-to-day running of the business.
The shakeup comes amid reports of ongoing tensions between Bakish and President Shari Redstone.
The couple reportedly disagreed over the direction of the company.
Bank of America analyst Jessica Reif Ehrlich expressed concern about the lack of definitive leadership.
“As a result, we believe shares will continue to be volatile,” he said.