Brad Grey is in talks with top leadership at Viacom to step away from his role as Paramount Pictures Chairman and CEO, two individuals familiar with the matter told TheWrap.

Grey and his parent company are in ongoing discussions about a new position that would keep him in the fold, one of the insiders said. The talks come nearly two weeks after Viacom CEO Bob Bakish made a public mandate for improved financial performance at the studio.

Spokespeople for Viacom and Paramount Pictures had no comment on the matter.

Also Read: Inside Paramount's Shakeup: Why Brad Grey Is Out, and Who Could Replace Him

Paramount’s Motion Picture Group President Marc Evans remains in his position for the time being, one of the insiders added.

The studio lost nearly $450 million in fiscal 2016 and finished behind the six major studios in market share for the last five straight years. The last year has seen a string of box office misfires, including “Whiskey Tango Foxtrot,” “Zoolander 2,” Martin Scorsese’s “Silence” and “Monster Trucks” — an effects-driven action film on which the studio took a $115 million write-down months before its unceremonious arrival in theaters. Also Read: Inside Paramount's Shakeup: Why Brad Grey Is Out, and Who Could Replace Him Grey has lucrative side-interests in companies like Plan B, a production company he founded in 2002 with Brad Pitt and Jennifer Aniston. He’s also a founding partner in the viable talent management company Brillstein Entertainment Partners. Grey, a prolific producer and former talent manager, is responsible for shepherding franchises like “Transformers,” “Mission: Impossible,” “Paranormal Activity” and the planned expansion of the “10 Cloverfield Lane” films from J.J. Abrams. His prestige hits include “Babel,” “The Wolf of Wall Street,” “The Curious Case of Benjamin Button,” The Big Short,” “Selma” and many more.