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Although exclusive talks between Paramount Global and Skydance Media are expected to end without a deal, questions linger about controlling shareholder Shari Redstone’s duty to minority investors, some of whom have vocally opposed the merger on grounds that their interests have taken a backseat in negotiations.
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
A Paramount investor, in a complaint filed on April 30 in Delaware Chancery Court, moved to force the company to turn over records related to talks with David Ellison’s Skydance. The Employees’ Retirement System of Rhode Island alleged that Redstone has “conflicting interests” undermining the company’s motives to find a better deal than the one offered by Skydance.
The legal move could be a precursor to a lawsuit challenging any potential deal in which common shareholders perceive as enriching Redstone at their expense. It follows several law firms, in the wake of Paramount’s deal talks with Skydance, announcing investigations into whether...
- 5/3/2024
- by Winston Cho
- The Hollywood Reporter - Movie News
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Bob Bakish may be out at Paramount Global before any sale or merger deal for the media company is completed.
The board of directors of Paramount Global, including controlling shareholder Shari Redstone, have discussed a plan to oust Bakish as CEO, the Wall Street Journal reported, citing anonymous sources. Instead, the company would form an “Office of the CEO” comprising Paramount Global’s division heads to run operations on an interim basis, per the report.
A Paramount Global rep declined to comment.
The company is scheduled to report first quarter 2024 results Monday, April 29, after the market close. The earnings call with analysts is set to begin at 4:30 p.m. Et.
The report comes as Paramount — owner of Paramount Pictures, CBS, Paramount+ and cable channels like MTV and Comedy Central — has been in exclusive M&a talks with David Ellison’s Skydance Media the past two weeks. Meanwhile, word emerged last...
The board of directors of Paramount Global, including controlling shareholder Shari Redstone, have discussed a plan to oust Bakish as CEO, the Wall Street Journal reported, citing anonymous sources. Instead, the company would form an “Office of the CEO” comprising Paramount Global’s division heads to run operations on an interim basis, per the report.
A Paramount Global rep declined to comment.
The company is scheduled to report first quarter 2024 results Monday, April 29, after the market close. The earnings call with analysts is set to begin at 4:30 p.m. Et.
The report comes as Paramount — owner of Paramount Pictures, CBS, Paramount+ and cable channels like MTV and Comedy Central — has been in exclusive M&a talks with David Ellison’s Skydance Media the past two weeks. Meanwhile, word emerged last...
- 4/26/2024
- by Todd Spangler
- Variety Film + TV
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Paramount Global CEO Bob Bakish saw his total compensation dip slightly in 2023, to $31.3 million from $32 million in the prior year.
The latest figures were disclosed Monday in an SEC filing.
The next-highest tally among top execs was for CFO Naveen Chopra, who collected $8 million, up from $6.5 million in 2022.
Bakish’s salary was $3.1 million and he was given a stock award of $15.5 million and another $12.4 million via the company’s non-equity incentive plan.
Along with executive compensation, the filing revealed the June 4 date of the company’s annual shareholder meeting. The meeting, which has seen more than its share of drama in recent years, could be another source of intrigue as controlling shareholder Shari Redstone considers a number of M&a options. Four members of the company’s board of directors, who would customarily have taken part in the meeting, recently announced they will not run for re-election.
Bakish’s salary had...
The latest figures were disclosed Monday in an SEC filing.
The next-highest tally among top execs was for CFO Naveen Chopra, who collected $8 million, up from $6.5 million in 2022.
Bakish’s salary was $3.1 million and he was given a stock award of $15.5 million and another $12.4 million via the company’s non-equity incentive plan.
Along with executive compensation, the filing revealed the June 4 date of the company’s annual shareholder meeting. The meeting, which has seen more than its share of drama in recent years, could be another source of intrigue as controlling shareholder Shari Redstone considers a number of M&a options. Four members of the company’s board of directors, who would customarily have taken part in the meeting, recently announced they will not run for re-election.
Bakish’s salary had...
- 4/22/2024
- by Dade Hayes
- Deadline Film + TV
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Four board members at Paramount Global will step aside as talks continue with the David Ellison-led Skydance Media, the company confirmed Thursday in its proxy filing.
Dawn Ostroff, Nicole Seligman, Frederick Terrell and Rob Klieger will all depart the company’s board in the next few months, with Paramount telling shareholders in its annual proxy filing that they would not be standing for reelection. Paramount’s annual meeting has been scheduled for June 4, it is not immediately clear when the directors will leave the company.
Ostroff only joined the board a year ago. In the filing, the company said that the seven board nominees would be Robert M. Bakish, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips Jr., Shari E. Redstone and Susan Schuman.
Paramount — controlled by non-executive chair Redstone via her family’s National Amusements Inc. holding company — is in exclusive talks with Skydance...
Dawn Ostroff, Nicole Seligman, Frederick Terrell and Rob Klieger will all depart the company’s board in the next few months, with Paramount telling shareholders in its annual proxy filing that they would not be standing for reelection. Paramount’s annual meeting has been scheduled for June 4, it is not immediately clear when the directors will leave the company.
Ostroff only joined the board a year ago. In the filing, the company said that the seven board nominees would be Robert M. Bakish, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips Jr., Shari E. Redstone and Susan Schuman.
Paramount — controlled by non-executive chair Redstone via her family’s National Amusements Inc. holding company — is in exclusive talks with Skydance...
- 4/11/2024
- by Alex Weprin and Georg Szalai
- The Hollywood Reporter - Movie News
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Four directors of Paramount Global will not standing for re-election at the annual meeting, an SEC filing has confirmed, paring the board down to seven directors.
Shareholders will vote on directors and other matters at the meet, which Paramount has set for June 4.
The proxy statement, which also lists the salaries of a company’s top five highest paid executives, said CEO Bob Bakish saw his compensation package dip slightly in 2023 to $31.3 million from $32 million in the prior year. He was by far the top-paid member of the senior management team, with the next-best-compensated being CFO Naveen Chopra, with a total package worth $8 million.
Bakish saw a $3.1 million base salary, stock awards worth $15.5 million and a cash incentive bonus of $12.4 million plus another $200+k for a total of $31.26 million.
Paramount is currently in an exclusive 30-day exclusive negotiating window with David Ellison’s Skydance Media for a deal that is...
Shareholders will vote on directors and other matters at the meet, which Paramount has set for June 4.
The proxy statement, which also lists the salaries of a company’s top five highest paid executives, said CEO Bob Bakish saw his compensation package dip slightly in 2023 to $31.3 million from $32 million in the prior year. He was by far the top-paid member of the senior management team, with the next-best-compensated being CFO Naveen Chopra, with a total package worth $8 million.
Bakish saw a $3.1 million base salary, stock awards worth $15.5 million and a cash incentive bonus of $12.4 million plus another $200+k for a total of $31.26 million.
Paramount is currently in an exclusive 30-day exclusive negotiating window with David Ellison’s Skydance Media for a deal that is...
- 4/11/2024
- by Jill Goldsmith and Dade Hayes
- Deadline Film + TV
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The temperature is rising as Paramount Global’s common shareholders continue to publicly and privately bash a possible acquisition by David Ellison’s Skydance Media with terms they insist would mainly benefit Shari Redstone, and theatening legal action. With the parties in the midst of a 30-day exclusive negotiating period, a report this week said four Par directors are planning to step down from the board.
Paramount declined to comment on WSJ news that directors Nicole Seligman, Dawn Ostroff, Frederick Terrell and Rob Klieger are set to exit. Shareholders elect directors at annual meeting, usually held in the spring. Proxy statements filed ahead with the SEC — Paramount’s is not out yet — list the company’s slate of nominated directors and set the meeting date.
Klieger is Redstone’s attorney. Seligman, Ostroff and Terrell are are said to be on a special board committee Paramount created to evaluate a Skydance...
Paramount declined to comment on WSJ news that directors Nicole Seligman, Dawn Ostroff, Frederick Terrell and Rob Klieger are set to exit. Shareholders elect directors at annual meeting, usually held in the spring. Proxy statements filed ahead with the SEC — Paramount’s is not out yet — list the company’s slate of nominated directors and set the meeting date.
Klieger is Redstone’s attorney. Seligman, Ostroff and Terrell are are said to be on a special board committee Paramount created to evaluate a Skydance...
- 4/11/2024
- by Jill Goldsmith
- Deadline Film + TV
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Will Paramount Global end up looking for a new dance partner, or will David Ellison’s Skydance Media get to clinch a deal and celebrate with a victory dance? Hollywood and Wall Street insiders alike are wondering about questions like these as the future of Shari Redstone’s media and entertainment empire hangs in the balance.
After all, Skydance remains in an exclusive period until early May to possibly finalize a two-step deal to acquire Paramount Global and its controlling shareholder National Amusements (Nai), led by Paramount non-executive chair Shari Redstone. According to a CNBC report, citing sources, Skydance will meet with Paramount management and start its due diligence process next week.
The structure of the proposed transaction has caused concern among some investors, though; they worry that a deal would benefit Redstone but dilute non-voting shareholders of Paramount. The company’s stock closed at $11.97 last Friday but has fallen around 10 percent since then.
After all, Skydance remains in an exclusive period until early May to possibly finalize a two-step deal to acquire Paramount Global and its controlling shareholder National Amusements (Nai), led by Paramount non-executive chair Shari Redstone. According to a CNBC report, citing sources, Skydance will meet with Paramount management and start its due diligence process next week.
The structure of the proposed transaction has caused concern among some investors, though; they worry that a deal would benefit Redstone but dilute non-voting shareholders of Paramount. The company’s stock closed at $11.97 last Friday but has fallen around 10 percent since then.
- 4/11/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
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Dawn Ostroff (left) and Frederick Terrell are two members of the Paramount board that are said to be departing in the coming weeks. (Courtesy photos)
Paramount Global is set to lose four members of its board of directors in the coming weeks as the company continues to explore a potential tie-up with film and television production company Skydance Media, according to a report.
On Wednesday, the Wall Street Journal said the company could disclose the departures in a regulatory filing as soon as this week.
Three outgoing board members — former Spotify advertising executive Dawn Ostroff, ex-Sony Entertainment president Nicole Seligman and investment and banking executive Frederick Terrell — were part of a special committee at Paramount tasked with exploring different potential suitors for a merger or acquisition of the entertainment company’s assets with another firm.
The other departing board member, Robert Klieger, is the personal attorney of Shari Redstone,...
Paramount Global is set to lose four members of its board of directors in the coming weeks as the company continues to explore a potential tie-up with film and television production company Skydance Media, according to a report.
On Wednesday, the Wall Street Journal said the company could disclose the departures in a regulatory filing as soon as this week.
Three outgoing board members — former Spotify advertising executive Dawn Ostroff, ex-Sony Entertainment president Nicole Seligman and investment and banking executive Frederick Terrell — were part of a special committee at Paramount tasked with exploring different potential suitors for a merger or acquisition of the entertainment company’s assets with another firm.
The other departing board member, Robert Klieger, is the personal attorney of Shari Redstone,...
- 4/11/2024
- by Matthew Keys
- The Desk
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