Paramount Global chief Bob Bakish has left the entertainment giant after eight years at the helm, the company announced Monday.

The company said in a press release Bakish is stepping down from his role as CEO and from the board of directors.

Bakish's departure comes as the board is pursuing a sale of the company to Skydance Media. Sources told FOX Business that Bakish clashed with non-executive chair Shari Redstone over the terms of the deal which were unfavorable for common shareholders, per reports. 

Her father, Sumner Redstone, founded the company's media empire which began as National Amusements in Massachusetts. 

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This is a developing story and will be updated. FOX Business' Charles Gasparino contributed to this report.