Paramount CEO Bob Bakish to step down amid sale discussions
May 4, 2024, 9:39 am
Paramount Global CEO Bob Bakish is stepping down as the company explores a potential merger or sale. The media and entertainment giant is creating an Office of the CEO to replace Bakish, with three executives stepping in to lead the charge. Shari Redstone, chair of the board, expressed confidence in the new leadership team, highlighting their ability to develop and execute a new strategic plan. Paramount Global, the parent company of CBS News, is navigating complex merger discussions with potential partners, including Skydance Media. The company's ownership structure, controlled by Redstone, adds a layer of complexity to the negotiations. Bakish's departure marks the end of a long career at Paramount, beginning in 1997 at Viacom. In an email to employees, Bakish reflected on his unexpected journey as CEO. Paramount also reported a first-quarter loss, but revenue rose thanks to strong advertising demand and subscriber growth for the Paramount+ streaming service.
Title: Philips pays $1.1 bln in US settlement over ventilator recall
Description: Dutch medical devices maker Philips has agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global recall of ventilators. The company, based in Amsterdam, did not admit fault but settled to end uncertainty over the U.S. litigation. The recall stemmed from concerns about foam degradation in the devices, posing potential health risks. Philips finalized a consent decree with U.S. authorities earlier this year, outlining necessary improvements at its Respironics plants. CEO Roy Jakobs emphasized the significance of these milestones for the company's future. Philips also reached an agreement with insurers for compensation and booked a provision for settlement payments. Despite the challenges, Philips reported first-quarter earnings that beat analyst expectations, with core profit jumping 8%. Order intake outside China improved, leading to strong margin growth.
Title: Philips pays $1.1 bln in US settlement over ventilator recall
Description: Dutch medical devices maker Philips has agreed to pay $1.1 billion in a settlement of personal injury cases in the United States related to the global recall of ventilators. The company, based in Amsterdam, did not admit fault but settled to end uncertainty over the U.S. litigation. The recall stemmed from concerns about foam degradation in the devices, posing potential health risks. Philips finalized a consent decree with U.S. authorities earlier this year, outlining necessary improvements at its Respironics plants. CEO Roy Jakobs emphasized the significance of these milestones for the company's future. Philips also reached an agreement with insurers for compensation and booked a provision for settlement payments. Despite the challenges, Philips reported first-quarter earnings that beat analyst expectations, with core profit jumping 8%. Order intake outside China improved, leading to strong margin growth.