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Paramount Global has confirmed Thursday that four of its board members are leaving as discussions continue with Skydance Media.

VCPost previously reported the rumored departure of these four members, but it was not yet confirmed at that time. The company's proxy filing then officially announced the upcoming changes, which offered more clarity on the ongoing corporate reorganization.

Paramount Board Members Step Down

Dawn Ostroff, Nicole Seligman, Frederick Terrell, and Rob Klieger are the board members set to step down in the coming months, as Paramount gears up for its annual meeting on June 4.

These departures mark a strategic move as Paramount navigates discussions with Skydance Media, led by David Ellison. Paramount's decision comes amid exclusive negotiations with Skydance regarding a potential merger.

The talks, which have garnered significant attention from shareholders and industry observers, have seen Paramount turn down other offers in favor of exploring a partnership with Skydance.

The departing board members are significant figures within Paramount's governance structure. Seligman, Ostroff, and Terrell are part of the independent committee responsible for evaluating offers.

Paramount's Proxy Filing Reveals Nominee Slate

In its proxy filing, Paramount outlined its nominee slate for the upcoming board elections, signaling a strategic shift in leadership.

The nominated directors include industry veterans like Robert M. Bakish, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips Jr., Shari E. Redstone, and Susan Schuman.

CEO Bakish's compensation details were also disclosed in the filing, highlighting a slight dip in his 2023 package compared to the previous year.

These financial insights provide shareholders with a comprehensive view of the company's executive compensation structure amid evolving business strategies.

Meanwhile, it remains unclear at this time when exactly the directors will officially step down from their roles within the company.