Paramount CEO Bob Bakish steps down as company considers merger
Looming over Bakish's exit are larger questions about Paramount's future. Like many media companies, Paramount has struggled to get its streaming business off the ground in recent years as audiences for its cable channels have declined. As a result, it has long been considered a takeover target by rivals looking to build their own content libraries and increase their influence in cable deals. In recent months, the company has discussed merging with Skydance, a media company run by tech scion and Hollywood executive David Ellison. Ms. Redstone, who is Paramount's controlling shareholder, has already signed a potential deal for her…