Paramount’s Global chief Bob Bakish saw a drop of $20 million in revenue in 2021 from an increase of 38.9 million earlier this year, including the stock rewards. Bakish was at first given a salary of 3.1 million and a non-equity incentive plan compensation of 16.8 million. It was in 2020, that Bakish received a 15.9 million stock reward, according to Paramount. Bakish has been the President and CEO of Paramount Global since the merger with ViacomCBS in 2019, he has continued in this role since.
Bakish faced many different challenges to shift the company’s focus to a global streaming service. Paramount’s stock has seen a decline in recent years. The streaming service is a tough industry to get into with Netflix as the leading platform in the game. The competition in streaming services got even tougher after the recent megamerger between WarnerMedia and Discovery. Bakish said the company hopes to reach 100 million streaming subscribers by 2024. It is the company’s goal to raise revenue from $6 billion to $9 billion in that timeframe. So far Paramount+ has reached 32.8 million subscribers at the end of its recent quarter.