Four board members at Paramount Global are set to step aside as talks with Skydance Media continue, as confirmed by the company in its proxy filing. Dawn Ostroff, Nicole Seligman, Frederick Terrell, and Rob Klieger will be leaving the board in the coming months, with Paramount scheduling its annual meeting for June 4. The departure of these board members comes as Paramount is in exclusive talks with Skydance regarding a potential acquisition.
Ostroff, who joined the board only a year ago, will be departing along with the other members mentioned. Paramount’s annual proxy filing also listed the seven board nominees for the upcoming meeting, including notable names such as Shari E. Redstone. The company, controlled by Redstone’s National Amusements Inc., turned down an all-cash bid from Apollo in favor of the ongoing discussions with Skydance, raising concerns among some shareholders.
The proxy filing also disclosed executive pay packages, with CEO Robert M. Bakish earning $31.3 million in 2023. Bakish emphasized cost management and earnings growth for 2024, with plans for staff reductions in the U.S. and internationally. Paramount’s stock saw a decline of 17 percent in 2023 amidst these developments.