Paramount Global ( PARAA ) announced Monday that CEO Bob Bakish is stepping down from the studio’s as the company continues merger talks with Skydance Media.

Paramount said George Cheeks (CBS CEO), Chris McCarthy (CEO Showtime/MTV Entertainment Studios and Paramount Media Networks) and Brian Robbins (CEO Paramount Pictures and Nickelodeon) will lead the company moving forward.

"Paramount Global ( PARAA ) includes exceptional assets and we believe strongly in the future value creation potential of the company. I have tremendous confidence in George, Chris and Brian. They have both the ability to develop and execute on a new strategic plan and to work together as true partners," Paramount Chair Shari Redstone said.

What Happened: Paramount Global ( PARAA ) reported first-quarter revenue Monday of $7.685 billion, which was up 6% year-over-year. The revenue total missed a Street consensus estimate of $7.732 billion, according to data from Benzinga Pro.

The company reported earnings per share of 62 cents, which beat a Street estimate of 36 cents.

The first-quarter financial results from Paramount come as the company continues merger talks with David Ellison‘s Skydance Media.

Paramount and Skydance have until May 3 to continue exclusive talks on a merger. The period could be extended or Paramount could look to other interested parties after this time.

On Monday, shares of Paramount jumped ahead of earnings with new concessions proposed to Paramount shareholders by Ellison and the Shari Redstone family, which holds a controlling interest in Paramount.

Revenue by segment:

TV Media: $5.23 billion, +1% year-over-year

DTC: $1.88 billion, +24% year-over-year

Filmed Entertainment $601 million, +3% year-over-year

The company's DTC segment saw revenue of streaming platform Paramount+ up 51% year-over-year. Paramount+ added 3.7 million net paid subscribers in the quarter to hit a global total of 71 million paid subscribers.

Advertising revenue for the DTC segment was up 31% year-over-year. The average revenue per user for Paramount+ was up 26% year-over-year.

The company's TV segment was boosted by Super Bowl LVIII in the quarter, which helped boost advertising revenue by 14% year-over-year. The company said the Super Bowl contributed a 23-point benefit to advertising.

Total advertising revenue across segments was up 17% year-over-year.

"The team delivered another quarter of strong operational and financial performance – including significant growth in total company earnings and free cash flow – despite the dynamic environment we continue to operate in," Paramount Chief Financial Officer Naveen Chopra said.

Chopra said Paramount+ saw record engagement and revenue in the quarter.

Related Link: Analyst Says Paramount Global Reportedly Snubbing $26B Offer From Apollo Global ‘Doesn’t Make Sense’

PARA Price Action: Paramount shares gained 2.85% in Monday’s regular trading session to close at $12.25 versus a 52-week trading range of $10.12 to $24.

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