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Paramount Global CEO Bob Bakish expected to leave the company

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Paramount Global CEO Bob Bakish expected to leave the company

Paramount Global Chief Executive Bob Bakish is expected to be ousted from the company, according to two sources familiar with the matter.

Bakish’s departure comes as Paramount’s future hangs in the balance.

The company is currently in a 30-day exclusive negotiating period with tech scion David Ellison, whose Skydance Media has teamed up with investment firms RedBird Capital and KKR to acquire Paramount controlling shareholder Shari Redstone’s National Amusements holding company. That exclusive negotiating period ends in early May.

Under a complicated two-step proposition, Ellison would gain control of the media company, which includes the storied Melrose Avenue Paramount movie studio, broadcast network CBS and various cable channels such as MTV and Comedy Central. Ellison’s camp would pay $2 billion for National Amusements, and Paramount would then absorb Skydance.

But shareholders have balked at reports of Ellison’s proposal, arguing that it would value Redstone’s shares at a premium while diluting the value for them. Several shareholders have said they’d prefer a deal with private equity firm Apollo Global Management, which is offering $26 billion, including the assumption of Paramount’s debt.

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Bakish is said to have been opposed to the Skydance transaction. Redstone, according to one person familiar with the matter, has also been frustrated with certain of Bakish’s decisions, including not selling Showtime. The company, meanwhile, has lost massive amounts of money on its streaming service, Paramount+.

The company now known as Paramount Global formed in 2019 from the merger of Viacom Inc. and CBS Corp. But the combination never convinced Wall Street of its promise. In the last year alone, Paramount Global’s stock has lost nearly half its value.

Recently, Sony has engaged in talks with Apollo to potentially join its bid, which could give the Japanese entertainment and electronics company a significant majority stake in Paramount.

CNBC and Variety first reported the news of Bakish’s ouster. CNBC, in its report, said Bakish could be fired as soon as Monday, citing anonymous sources.

Representatives for Paramount declined to comment.

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Bakish was named CEO in 2016, after a tumultuous year for the company then known as Viacom. At the time, the company’s stock had fallen 45% in two years as Viacom faced declining ratings at some of its key networks, including Comedy Central and MTV, as well as struggles at its Paramount Pictures film studio.

After Redstone orchestrated the merger of Viacom with CBS, Bakish became CEO of the combined enterprise.

Bakish had been a Viacom executive since 1997. Before that, he was a management consultant with an MBA from Columbia Business School.

In 2016, Redstone described Bakish as “an exemplary forward thinker” who “embraces disruption and brings teams along with him.”

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Movie Reviews

Miyamoto says he was surprised Mario Galaxy Movie reviews were even harsher than the first | VGC

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Miyamoto says he was surprised Mario Galaxy Movie reviews were even harsher than the first | VGC

Nintendo’s Shigeru Miyamoto says he’s surprised at the negative critical reception to the Super Mario Galaxy Movie.

As reported by Famitsu, Miyamoto conducted a group interview with Japanese media to mark the local release of The Super Mario Galaxy Movie.

During the interview, Miyamoto was asked for his views on the critical reception to the film in the West, where critics’ reviews have been mostly negative.

Miyamoto replied that while he understood some of the negative points aimed at The Super Mario Bros Movie, he thought the reception would be better for the sequel.

“It’s true: the situation is indeed very similar,” he said. “Actually, regarding the previous film, I felt that the critics’ opinions did hold some validity. “However, I thought things would be different this time around—only to find that the criticism is even harsher than it was before.

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“It really is quite baffling: here we are—having crossed over from a different field—working hard with the specific aim of helping to revitalize the film industry, yet the very people who ought to be championing that cause seem to be the ones taking a passive stance.”

As was the case with the first film, opinion is divided between critics and the public on The Super Mario Galaxy Movie. On review aggregate site Rotten Tomatoes, the film currently has a critics’ score of 43% , while its audience score is 89%.

Shigeru Miyamoto says he was surprised by Mario Galaxy Movie reviews.

While this is down from the first film’s scores (which were 59% critics and 95% public) it does still appear to imply that the film’s target audience is generally enjoying it despite critical negativity.

The negative reception is unlikely to bother Universal and Illumination too much, considering the film currently has a global box office of $752 million before even releasing in Japan, meaning a $1 billion global gross is becoming increasingly likely.

Elsewhere in the interview, Miyamoto said he hoped the film would perform well in Japan, especially because it has a unique script rather than a simple localization as in other regions.

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“The Japanese version is a bit unique,” he said. “Normally, we create an English version and then localize it for each country, but for the first film, we developed the English and Japanese scripts simultaneously. For this film, we didn’t simply localize the completed English version – instead, we rewrote it entirely in Japanese to create a special Japanese version.

“So, if this doesn’t become a hit in Japan, I feel a sense of pressure – as the person in charge of the Japanese version – to not let [Illumination CEO and film co-producer] Chris [Meledandri] down.

“However, judging by the reactions of the audience members who’ve seen it, I feel that Mario fans are really embracing it. I also believe we’ve created a film that people can enjoy even if they haven’t seen the previous one, so I’m hopeful about that as well.”