Paramount Board Changes: Trump & FCC Impact
- Paramount Global,still navigating its potential sale to Skydance Media,has nominated three new directors to its board.
- The New York-based company, burdened by debt, currently has only five board members.
- In a proxy filing Monday, Paramount requested shareholders elect seven directors at the July 2 annual meeting.
Paramount Global’s board is undergoing a notable shakeup, with the nomination of new directors amidst continued uncertainty surrounding the Skydance Media deal. This news, covered extensively at News Directory 3, reveals Shari Redstone‘s pivotal role and the potential impact of Trump’s lawsuit on the company’s future. The company faces challenges, including a substantial write-down on its cable networks and internal divisions over the handling of the Trump lawsuit. The ongoing struggle for FCC approval and the reported offer to Trump underscore the complex interplay of legal, financial, and political pressures. Furthermore, the article uncovers the details of executive compensation and potential outcomes for Paramount. Discover what’s next as the landscape shifts.
Paramount Global Board Sees Shakeup Amid Skydance Deal Uncertainty
Updated June 03,2025
Paramount Global,still navigating its potential sale to Skydance Media,has nominated three new directors to its board. The move comes amid ongoing drama and turnover within the company as early last year.
The New York-based company, burdened by debt, currently has only five board members. Shari redstone, the controlling shareholder and chairwoman, wields considerable influence through the Redstone family’s nearly 77% ownership of voting shares.
In a proxy filing Monday, Paramount requested shareholders elect seven directors at the July 2 annual meeting. The proposed slate includes Redstone, attorney Mary Boies, venture capital executive Charles E. Ryan, and former judge Roanne Sragow Licht. Linda M. Griego, Susan Schuman, and Barbara M. Byrne will stand for reelection.
Judith A. McHale will step down from the board.
The company has faced challenges since announcing its potential sale to David Ellison’s Skydance Media last July. These include a $6 billion write-down on its cable television networks, reflecting the decline of traditional television.
Self-reliant director Charles Phillips left in october, following the departure of three other directors—rob Klieger, Nicole Seligman, and Dawn Ostroff—six months prior. These exits occurred amid disagreements over the terms of Redstone’s planned sale of Paramount.
separately, Paramount is defending against a lawsuit filed by former President Trump over edits to a “60 Minutes” interview with then-Vice President Kamala Harris. Trump initially sought $20 billion in damages, claiming “mental anguish” from the broadcast.
Redstone’s desire to settle the Trump lawsuit has reportedly caused internal divisions. First Amendment experts have criticized the suit, while some CBS News executives view it as an attempt to exploit the company during the Skydance deal.
The controversy surrounding the “60 Minutes” edits contributed to the departures of CBS News executives Wendy McMahon and Bill Owens.
Redstone has also reportedly expressed dissatisfaction with CBS News’ coverage of the Israel-Hamas war.
Last month,three Democratic senators cautioned Redstone about potential bribery allegations if Paramount attempts to appease Trump to facilitate FCC approval of the Skydance takeover. Reports indicate Paramount offered Trump $15 million to drop the lawsuit, which he declined.
The proposed $8 billion Skydance deal, intended to inject $1.5 billion into Paramount’s balance sheet, was agreed upon nearly 11 months ago. The contractual deadline for the deal is in early October.
The proxy statement also detailed executive compensation, with the top three executives and ousted CEO Bob Bakish receiving a combined $148 million. Bakish received $87 million, while co-ceos George Cheeks, Brian Robbins, and chris McCarthy were paid $22.2 million, $19.6 million, and $19.5 million,respectively.
What’s next
Paramount continues to navigate the complexities of the Skydance deal while addressing internal challenges and external pressures, including the ongoing lawsuit and board restructuring.