Bob Bakish Receives $69.3 Million Golden Parachute from Paramount Global
Bob Bakish, the former CEO of Paramount Global, was awarded a staggering $69.3 million in severance compensation after his departure from the company in April 2024. This generous severance package was disclosed in a recent filing with the SEC by Paramount, revealing that Bakish’s total compensation for 2024 amounted to $86.96 million, a significant increase from the previous year’s $31.3 million. This included a salary of $2.61 million and stock awards worth $15.1 million.
Bakish’s severance package consisted of various components, such as continuation of salary and cash compensation, annual bonus continuation, pro-rata bonus for the year of termination, insurance benefits, outplacement assistance, and acceleration/continuation of equity awards. His termination date was set for October 31, 2024.
After nearly three decades at Paramount and its predecessor Viacom, Bakish’s exit coincided with the company’s negotiations for a merger with Skydance Media, led by David Ellison. The $8 billion deal was finally signed on July 7, 2024, pending FCC approval.
Following Bakish’s departure, Paramount established an “Office of the CEO” comprised of three executives: George Cheeks, Chris McCarthy, and Brian Robbins. Each of them received a $6 million bonus as co-CEOs, with an annual base salary of $2.75 million.
Under the leadership of the co-CEOs, Paramount saw significant growth in Paramount+ subscriptions, box office success with several No. 1 films, and successful renewals with distribution partners. They also achieved $500 million in annual cost savings through various initiatives.
Paramount also disclosed the compensation for other key executives, including CFO Naveen Chopra and head of HR Nancy Phillips, showcasing the company’s commitment to rewarding its top talent.
As Paramount awaits FCC approval for the Skydance merger, discussions around diversity initiatives and compliance with regulatory requirements continue to be key factors in the deal’s progress.
The future of Paramount and its merger with Skydance remains uncertain, with ongoing negotiations and regulatory hurdles to overcome in the coming months.
