Interim Committee Takes Temporary Control Of Paramount After Brad Grey Departure

As Brad Grey, CEO, Paramount Pictures walks out, the responsibility from now on will be handled by the Interim Committee. They will take care of the day-to-day running of the company. Grey was on a five-year contract, which would have expired in 2020, but with pressure from top, he stepped down.

Paramount Pictures has lately been running on losses and the failure of their latest flick, Silence, further contributed to the cause. The other movies that let down studios were Ben-Hur, Allied, Zoolander 2, Monster Trucks and Whiskey Tango Foxtrot.

Viacom’s new CEO, Bob Bakish, responding to the resignation of Grey said, ‘leadership needs to be accountable’. The studio has been going through this internal and external turmoil for more than a year. It has posted a loss of $180 million during the recent fiscal quarter and red ink of about $450 million for Viacom’s 2016 fiscal year.

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Source: nocookie.net