Brad Grey’s Exit at Paramount Is Imminent (Exclusive)

Brad Grey

Update From Earlier Exclusive: is negotiating for a first-look deal at and to stay on certain projects as a producer. He is not looking to take on a new role within . Our original story is below.

Will ’s tenure at survive the holiday weekend?

Grey’s departure from his post as Chairman and CEO of the studio is imminent — as in, no longer a matter of “if,” but a matter of “when,” multiple sources at several -based production companies told the Tracking Board on Friday.

Insiders acknowledge that while Grey is technically still in his position, he is currently — as in, this very minute — engaged in serious conversations with brass on both coasts to step down from his dual role atop the studio, which he has presided over for the last 12 years.

Grey’s voicemail says that his office is closed until Tuesday in observance of President’s Day. had a half-day today and is closed Monday.

had no comment, and a representative for did not immediately respond to a request for comment.

Grey’s exit has been rumored for weeks in the wake of ’s recent struggles, and historically, studio heads often step down on the Friday before a long holiday weekend. Things may not be officially resolved until Monday or Tuesday, as it’s unclear whether Grey would take on a new role within , or whether he’d transition to a producing deal with the studio, a la Adam Goodman.

Grey’s contract runs through 2020 and gives him sole greenlight authority at the studio, which is one of the issues that concerns , as ’s parent company would prefer to install a greenlight committee.

New CEO has said that brass has to be held accountable for its decisions, and the studio is coming off its worst year under Grey, losing $445 million in the last fiscal year. It also finished last among the six major studios in market share last year. Bakish will likely address Grey’s ouster with employees next week.

While has numerous Oscar nominations this year thanks to Fences and Arrival, the studio’s box office fortunes have been decidedly mixed, with Monster Trucks, Silence, Whiskey Tango Foxtrot and Rings among its recent flops. The studio also took a hefty write-down on Star Trek Beyond, and saw both Ben-Hur and Zoolander 2 underperform.

Amy Powell, who oversees television and digital entertainment for , is the frontrunner to inherit Grey’s responsibilities for the time being, while Grey’s exit is not expected to have an immediate impact on Marc Evans’ role as President of ’s Motion Picture Group.

Stay tuned to the Tracking Board for more on this situation as it develops.

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Still quiet

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