Four board members of Paramount Global are reportedly planning to leave the company as merger discussions with Skydance Media heat up.
The Wall Street Journal was the first to report it on Wednesday, citing sources familiar with the matter.
Paramount Global Approves Exclusive Merger Talks With Skydance Media
The board of directors of Paramount Global reportedly authorized exclusive merger discussions with Skydance Media earlier this month.
Skydance Media CEO David Ellison is the son of Oracle co-founder Larry Ellison, and he is spearheading the negotiations, according to the New York Post.
A possible merger could happen between Shari Redstone's Paramount Global and Ellison's independent media company, which produced hits like "Top Gun: Maverick" and "Mission: Impossible - Dead Reckoning Part One," after the talks.
High-Profile Figures Expected to Resign Amid Talks
Several high-profile figures were reportedly set to resign soon. According to the Wall Street Journal, these include former Spotify executive Dawn Ostroff, Sony Entertainment ex-President Nicole Seligman, Redstone attorney Rob Klieger, and seasoned investment banker Frederick Terrell.
The special committee of independent directors, which includes Ostroff, Seligman, and Terrell, is responsible for seeking Paramount's most advantageous transaction, whether with Skydance or another potential buyer.
Should these individuals decide to leave Paramount, the number of board members would drop to eight. According to the Journal report, Paramount might reveal the departures in a filing with the Securities and Exchange Commission (SEC) later this week.
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