Paramount Pictures Chairman and Chief Executive Brad Grey is apparently on his way out after 12 years at the helm of the financially troubled studio.
Multiple outlets are reporting that the 59-year-old executive was in discussions today with parent company Viacom Inc. about either stepping down or moving into a different role within the company.
Paramount has offered no official comment on the matter Friday, but a source close to the situation said that Grey remains in his position and that conversations between Grey and Viacom about his future at the studio are ongoing.
Deadline reported that Viacom chief Bob Bakish is headed to L.A. for more discussion with Grey after the holiday weekend.
If Grey steps down from his post he will be the second studio chief to do so this year. Sony Entertainment Chief Executive Michael Lynton, 57, resigned the job to focus on his position as chairman of the board of Snap Inc.
Paramount suffered in 2016 with only one hit movie, “Star Trek Beyond”, exceeding $100 million in domestic box office. Last month, the studio announced that two Chinese media companies, Shanghai Film Group and Huahua Media had agreed to co-finance the studio’s movies for the next three years.
The partnership, said to be worth as much as $1 billion in financing to the studio, came several months after Viacom’s board rejected a plan to sell a 49 percent stake in Paramount Pictures to Hollywood-hungry Chinese company Dalian Wanda Group, owner of Dick Clark Productions.
Variety and The Hollywood Reporter also published similar reports about Grey’s likely departure as chairman.
Contact media and entertainment reporter Diane Haithman at firstname.lastname@example.org. Follow her on Twitter @dhaithman for the latest in L.A. business news.
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