In what could be the first casualty in Viacom CEO Bob Bakish’s turnaround plan for the entertainment juggernaut, long-time Paramount Pictures chairman and CEO Brad Grey is negotiating terms for his resignation, according to reports.
Grey has been chief of the storied movie and television production studio for 12 years, but has come under fire of late as anemic box office and heavy losses have plagued the company. According to the Los Angeles Times, Grey’s resignation could come as early as next week.
Paramount has struggled for years and was a key player in the downfall of Bakish’s predecessor, ousted Viacom CEO Philippe Dauman. It was Dauman’s plan to sell a minority interest in the studio that raised the hackles of Viacom’s controlling shareholder Sumner Redstone, touching off a months-long legal battle that culminated in Dauman’s resignation.
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