Paramount chair Shari Redstone will leave board after Skydance merger, Bloomberg News reports

Published 11/04/2024, 09:36 PM
Updated 11/04/2024, 10:06 PM
© Reuters. FILE PHOTO: Shari Redstone, chairman of ViacomCBS, walks to the morning session of the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S. July 7, 2021.  REUTERS/Brian Losness/File Photo

(Reuters) -Shari Redstone won't stay on the board of Paramount Global after the company completes its planned merger with Skydance Media, Bloomberg News reported on Monday, citing people familiar with her plans.

Redstone and her son Tyler Korff have the option of joining the board of the new company, but have no intention of doing so, the report said.

Paramount Global and Skydance Media did not respond to Reuters' requests for comments.

In a two-step process, Skydance and its deal partners first signed a deal in July to acquire National Amusements, which holds the Redstone family's controlling stake in Paramount, for $2.4 billion in cash.

© Reuters. FILE PHOTO: Shari Redstone, chairman of ViacomCBS, walks to the morning session of the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S. July 7, 2021.  REUTERS/Brian Losness/File Photo

The company will subsequently merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount's balance sheet.

David Ellison, the 41-year-old tech scion who founded Skydance, will become chairman and CEO of the new Paramount. Jeff Shell (LON:SHEL), former chief executive of NBCUniversal, will be its new president.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.