With Paramount in Chaos and Its Future Uncertain, Its Chief Steps Down

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Shari Redstone, the owner of Paramount, has tried to resist the erosion of her media empire over the last decade as she confronted the death of cable TV, the rise of streaming and even a failed boardroom coup from a longtime ally. By her side through it all has been Bob Bakish, Paramount’s chief executive. For years, she saw him as a loyal lieutenant who could navigate the treacherous entertainment industry with the financial dexterity of the management consultant he once was. As Paramount’s share price sagged, she was patient with him — even as she steered the company toward an eventual sale that he had reservations about. That patience officially ran out on Monday. Mr. Bakish is stepping down effective immediately, Paramount announced on Monday, a stunning shake-up in the top ranks of the company as it considers a major merger. Mr. Bakish, 60, will be replaced by an “office of the C.E.O.” run by three executives: Brian Robbins, head of the Paramount movie studio; George Cheeks, chief executive of Paramount’s CBS division; and Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios.