Paramount Global has ousted CEO Bob Bakish, setting up Brian Robbins (CEO of Paramount Pictures), Chris McCarthy (CEO of Showtime/MTV Entertainment Studios) and George Cheeks (CEO of CBS) to run the company jointly going forward. 

The three executives now make up the newly formed Office of the CEO and will work together with the board to develop a strategic plan, said Robbins during the company’s Q1 earnings call yesterday. The three main priorities are to strengthen the company’s balance sheet, improve its streaming strategy, and develop hit content. 

Robbins, McCarthy and Cheeks have worked together for many years and collectively have strong industry connections, which makes them a solid team to replace Bakish, Robbins said. 

Looking to build appeal to potential buyers, the executives painted a bright financial picture for Paramount Global on yesterday’s call. The company’s total Q1 revenue was up 6% to US$7.6 billion, driven by growth in ad revenue, Paramount+ subscriptions and a strong box-office return for its films. 

February 11’s Super Bowl LVIII broadcast was a big boon this quarter, pushing Paramount’s total ad revenue up 31% to US$520 million. In streaming, Paramount+ added 3.7 million subscribers in Q1 to hit a total of 71.2 million. And filmed entertainment revenue was up 3% to US$605 million, thanks to a 20% bump from feature films like Mean Girls and Bob Marley: One Love.

Pictured from left to right: George Cheeks, Chris McCarthy, Brian Robbins