In a significant move, Paramount Global has awarded its co-CEOs—Chris McCarthy, George Cheeks, and Brian Robbins—an additional $3 million each in restricted stock grants. This decision comes as the board seeks to stabilize leadership during a tumultuous period for the media giant.
Following the ousting of former CEO Bob Bakish in April, McCarthy (CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks), Cheeks (CEO of CBS), and Robbins (CEO of Paramount Pictures and Nickelodeon) stepped into their new roles amid the company’s efforts to finalize its sale to Skydance, which is expected to close in 2025.
In addition to the stock awards, the trio saw their compensation enhanced earlier this year, doubling their target annual cash bonuses to an impressive 100% of their base salaries. An SEC filing reveals that if their responsibilities shift significantly, they are entitled to resign “for good reason” and receive severance packages—a common stipulation in executive contracts.
Unlike typical agreements, these enhanced compensation packages will remain in effect for the entirety of their employment with Paramount, regardless of their titles. This strategic decision seems aimed at retaining these key leaders during a complex transition, which has included substantial layoffs ahead of the impending sale.
Additionally, the June filing specified that Cheeks, Robbins, and McCarthy would qualify for a severance payment equal to twice their base salary if the company changes hands, along with benefits extending for 24 months post-departure. Each co-CEO is also eligible for an annual cash bonus of $2.75 million during their tenure in the Office of the CEO.
As Paramount navigates this critical period, these financial incentives underscore the board’s commitment to maintaining strong leadership while steering the company through significant changes in the media landscape.
