Benjamin Mullin and Lauren Hirsch

Mr. Bakish was once a staunch ally of Shari Redstone, Paramount’s controlling shareholder. His departure comes as the company considers a major merger.

The terms of the new deal would provide Paramount shareholders with an investment to pay down debt and buy back stock.

He was once a staunch ally of the company’s biggest owner, Shari Redstone, but the relationship soured in recent months.

Once a staunch ally of Paramount’s biggest owner, Shari Redstone, Mr. Bakish’s relationship with her soured in recent months.

The company and Apollo Global Management are discussing a joint effort, even as Paramount conducts exclusive merger negotiations with Skydance.

The board of directors has to walk a fine line, looking out for investors without running afoul of Ms. Redstone, the company’s most influential shareholder.

The investor, which has taken positions in Adobe, Citigroup and Nintendo, is pushing The Times to sell bundled subscriptions to readers more aggressively.

Forbes has tapped Citigroup to sell at a price of at least the $630 million valuation declared in its earlier process to go public through…

Vice Media, which is exploring a sale of its business, has a longstanding relationship with the Greek broadcaster.