The three occupants of Paramount Global‘s Office of the CEO did well for themselves financially in 2024, but the biggest payday went to ex-CEO Bob Bakish.
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| From left, Paramount Global Co-CEOs Chris McCarthy, George Cheeks and Brian Robbins | Eric Charbonneau/Paramount via Getty Images |
George Cheeks, Chris McCarthy and Brian Robbins collected $22.2 million, $19.5 million and $19.6 million, respectively, according to an SEC filing by the company on Friday, April 25. Bakish took home just shy of $87 million, including about $69 million in severance.
The compensation figures come as talks are continuing between Paramount Global and the Federal Communications Commission, which is reviewing the proposed merger of Paramount and Skydance Media. The FCC has made it plain that it wants Paramount and other media companies to roll back their Diversity, Equity and Inclusion efforts. Unwinding the DEI programs put in place across corporate America in recent years has been a major priority of President Donald Trump and appointees like FCC Chair Brendan Carr. Trump has also filed a $20 billion lawsuit in Texas against Paramount, citing CBS News and 60 Minutes, but Carr has maintained that the FCC review is separate from that case.
Bakish was removed as CEO in April 2024 and the company created the Office of the CEO after clashing with Paramount chair and controlling shareholder Shari Redstone. Cheeks, McCarthy and Robbins have continued to oversee divisions of the company in addition to fulfilling their Co-CEO duties. In the Skydance deal announced last summer, Redstone’s privately held National Amusements will be acquired by Skydance, which will then merge with all of Paramount. The companies have said the transaction would close by the first half of 2025, but that timetable has come into question in recent weeks.
The framework for Bakish’s severance payment had been disclosed, but the final number was determined based on a range of performance-based metrics. In 2023, Bakish’s total payday was $31.3 million.
Christa D’Alimonte, who departed last June as EVP and General Counsel, collected $8.9 million in 2024, including about $4 million in severance.
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Original source: Deadline.
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