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Four Paramount Global Board Members to Exit Amid M&A Talks
11.04.2024 - 22:19 / variety.com
Todd Spangler NY Digital Editor Four members of Paramount Global‘s current 11 board of directors will step down, the company disclosed, coming as the company has stepped up talks with Skydance Media about an M&A deal. The four directors — Dawn Ostroff, former chief content and advertising business officer of Spotify; Nicole Seligman, former president of Sony Entertainment; Frederick Terrell, vice chairman of investment banking at Wells Fargo; and Rob Klieger, partner at Hueston Hennigan LLP, who had served as legal counsel to Sumner Redstone — will not stand for reelection at Paramount Global’s annual meeting, set for June 4.
The company did not provide an explanation for or an exact timeline of their departures, which was disclosed in a proxy statement Thursday with the SEC. Ostroff, Seligman and Terrell are among the directors on Paramount Global’s special committee established to consider M&A proposals.
At least one of the departing directors “expressed concerns about the potential Skydance deal,” the Wall Street Journal reported Wednesday, citing anonymous sources, in a story on the expected exit of the four board members. The Paramount Global board has proposed the reelection of the remaining seven directors: CEO Bob Bakish, along with Barbara Byrne, Linda Griego, Judith McHale, Charles Phillips Jr., Susan Schuman and Shari Redstone, the non-executive chair of Paramount Global and its controlling shareholder.
Regarding the 2024 director nomination process, the Paramount Global board’s nominating and governance committee “reviewed the current composition of the board in light of the considerations set forth in its charter and our guidelines related to board composition,” the company said in the proxy filing. “In
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