Investors Urged To Vote Shari Redstone Off Paramount Board

Paramount Global’s annual shareholder meeting is scheduled for next week, as the company awaits FCC approval for its merger with Skydance Media, announced on July 7, 2024. The delay, with no explicit reason provided by the FCC or President Trump, continues to stall the deal. When asked about the merger last week, Trump pivoted to his $20 billion lawsuit against CBS, alleging improper editing of a 60 Minutes interview with then-Vice President Kamala Harris. Paramount and CBS have called the lawsuit “meritless,” though settlement discussions are ongoing.

Shari Redstone

Vaiety reports Shari Redstone, Paramount’s controlling shareholder and non-executive chair, is expected to be reelected to the board, alongside other nominated directors. However, proxy advisory firm ISS has urged shareholders to vote against Redstone and board members Barbara Byrne, Linda Griego, and Susan Schuman, citing Paramount’s “problematic capital structure.” ISS also criticized Byrne, Griego, and Schuman, who serve on the compensation committee, for executive pay practices, particularly the “relatively large influence” of individual performance on bonuses.

In 2024, Paramount’s co-CEOs—George Cheeks (CBS), Chris McCarthy (Showtime/MTV Entertainment Studios and Paramount Media Networks), and Brian Robbins (Paramount Pictures and Nickelodeon)—each received a $6 million bonus and a $2.75 million base salary. Last fall, their contracts were amended to allow resignation with severance if demoted.

If the merger is approved, forming “Paramount Skydance Corp.,” Redstone is expected to step down from the board, with Skydance CEO David Ellison taking a leadership role.