Paramount Global (PARA) plans to replace CEO Bob Bakish with a committee of existing division heads in a move to accelerate the company's future, according to reports.
The company is said to be expected to announce Bakish's departure today before it reports earnings after the close.
The move comes as Paramount moves closer to a merger agreement with Skydance Media, a potential deal that has been criticized by several of PARA's large shareholders, including Ariel Investments, Gamco Investors, Matrix, and Aspen Sky Trust.
A report from The Wall Street Journal on Friday said that a plan being discussed by Paramount's board and controlling shareholder National Amusements would see an "Office of the CEO," put in place, made up of the company's division heads once Bakish departs.
However, they cautioned that no decision had yet been made regarding Bakish's future, and the board could keep him in place.
Meanwhile, an article from Bloomberg said Monday that the Redstone family, which owns National Amusements, and independent film producer David Ellison have both proposed concessions to make a possible change in control at Paramount more appealing to other shareholders.
Bloomberg, citing sources, said Ellison is offering to buy a block of Paramount shares at a premium to their current price to help shore up Paramount's finances. Meanwhile, the Redstones, are said to have agreed to let nonvoting shareholders have a say on whether any transaction should be approved.