Paramount Board Shakeup Amid Skydance Merger Talks and Bidding War

Four Paramount Global board members - Dawn Ostroff, Nicole Seligman, Frederick Terrell, and Rob Klieger - will not stand for reelection at the upcoming annual meeting.

The departures come amid recent M&A talks between Paramount Global and Skydance Media, led by David Ellison. At least one departing director expressed concerns about a potential Skydance deal.

Shari Redstone has entered exclusive talks to sell her stake in National Amusements Inc. to Skydance and merge the companies in a $5 billion, all-stock deal.

Other bidders for Paramount Global have included Apollo Global Management, which made a $27 billion cash bid that was declined.

CEO Bob Bakish saw his 2023 compensation drop slightly to $31.26 million, including $3 million base salary and $15.5 million in stock awards.