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One Flew Over the RedBird Nest

The looming apparent ouster of Bob Bakish, which I previewed long ago, has the RedBird and Ellison group inching ahead of Apollo in the Paramount Global foot race—at least for now.

david ellison
Although there are risks to the Ellison deal, it’s probably the easier deal for the special committee to swallow, all things considered. Photo: Alberto E. Rodriguez/Getty Images for CinemaCon
William D. Cohan
April 28, 2024

On Friday, The Wall Street Journal reported that the Paramount Global board and Shari Redstone were considering replacing C.E.O. Bob Bakish with an interim leadership triumvirate during the pendency of the sale process. The following day, CNBC’s Alex Sherman reported that Bakish would be gone on Monday morning, and would not be present for the company’s earnings call later that day. Needless to say, replacing the C.E.O. of a company in the middle of a sale process is highly unusual. Even Logan Roy, had he not died, wouldn’t have conceived of such a wild scenario.