Paramount Global is experiencing significant changes as four board members, including Dawn Ostroff and Nicole Seligman, are stepping aside as part of ongoing talks with Skydance Media. The departure of these board members, who will not be seeking reelection at Paramount’s upcoming annual meeting on June 4, marks a shift in the company’s leadership. The proxy filing by Paramount confirmed that these members would be leaving in the next few months, potentially impacting the company’s future decisions and strategic direction.
The board restructuring comes as Paramount is in discussions with Skydance about a potential acquisition and merger, a move that contrasts with a previous all-cash bid from Apollo that was turned down. The departing board members, who also serve on the independent committee evaluating offers, raise questions about the impact of their exits on the ongoing talks. Additionally, the proxy filing revealed CEO Robert M. Bakish’s compensation package of $31.3 million, highlighting a slight decrease from the previous year.
Amidst the changes in leadership and executive pay disclosures, Paramount is facing financial challenges and restructuring efforts. CEO Bakish has emphasized the importance of managing costs and driving earnings growth in 2024, leading to plans for job reductions both in the U.S. and internationally. Paramount’s stock performance in 2023 showed a 17 percent decline, reflecting the company’s need for strategic adjustments to navigate a shifting entertainment landscape.