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Four Paramount Global Board Members to Exit Amid Skydance M&A Talks
Four members of Paramount Global's board will step down, coming as the company has been in talks with Skydance Media about an M&A deal.
The four directors — Dawn Ostroff, former chief content and advertising business officer of Spotify; Nicole Seligman, former president of Sony Entertainment; Frederick Terrell, vice chairman of investment banking at Wells Fargo; and Rob Klieger, partner at Hueston Hennigan LLP, who had served as legal counsel to Sumner Redstone — will not stand for reelection at Paramount Global’s annual meeting, set for June 4. At least one of the departing directors “expressed concerns about the potential Skydance deal,” the Wall Street Journal reported Wednesday, citing anonymous sources, in a story on the expected exit of the four board members. Ellison and his partners at private-equity firm RedBird Capital are set to meet next week with Paramount Global management to begin due diligence on the company, CNBC reported earlier Thursday.
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