Paramount Global plans to reduce its board of directors from the current 11 to seven members on Thursday, following reports that the Shari Redstone-controlled entertainment giant is in talks to merge with Skydance Media. It revealed that.
In its proxy filing, the company named former Spotify executive Dawn Ostroff, former Sony Entertainment president Nicole Seligman, Redstone attorney Rob Krieger, and investment banker Frederick Terrell. He did not propose election as a member of the Board of Directors.
A person familiar with the matter told Reuters earlier this month that Paramount’s board of directors is headed by CEO David Ellison, son of Oracle co-founder Larry Ellison, and Skydance Media. The two companies have reportedly agreed to enter into exclusive merger negotiations.
The deal brings Paramount into partnership with Ellison’s independent media company, which has worked on films such as “Top Gun: Maverick” and “Mission: Impossible: Dead Reckoning.”
Paramount stock rose 7.3% to $11.27 on Thursday.
