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Paramount (NASDAQ:PARA) stock is climbing higher on Monday as investors celebrate reports that CEO Bob Bakish is about to be ousted by the company’s Board of Directors.
According to these reports, Bakish is facing a firing from the Board as it prepares to undergo a potential merger with Skydance Media. The reports claim this firing could take place today and note that Bakish won’t be on the company’s earnings call today.
Insider reports have claimed that Bakish has been against the merger between the two companies. His resistance to the deal makes sense as Skydance Media wants to replace him with its own CEO as the new leader of Paramount.
PARA Stock Merger Deal
It’s also worth keeping in mind that Paramount may not merge with Skydance Media. There have also been reports that other companies are interested in a deal with the entertainment company.
These claim that private equity firm Apollo Global Management has approached Sony (NYSE:SONY) with an offer to team up and acquire Paramount. However, the two have to wait until the exclusive offer period with Skydance Media is over.
PARA stock is up 3.6% as of Monday afternoon but is down 14.3% year-to-date. There are also some 10 million shares traded as of this writing. The company’s daily average is roughly double that.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/04/bye-bye-bob-bakish-para-stock-pops-as-paramount-eyes-ceo-ouster/.
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