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Paramount Grants Three Co-CEOs Change-in-Control Severance Benefits, Cash Bonuses
Amid Paramount's M&A talks, the company extended change-in-control severance benefits to co-CEOs George Cheeks, Chris McCarthy and Brian Robbins.
Meanwhile, other bidders have emerged that are interested in buying out Redstone’s National Amusements Inc., which owns 77% of the voting shares in Paramount, including Edgar Bronfman Jr. In addition, each of the three execs were granted an annual target bonus of $2.75 million, prorated to apply only to the portion of the current fiscal year in which they serves in the Office of the CEO, Paramount said in a filing Monday with the SEC. At the June 4 meeting, they spoke at a high level about how they plan to cut upwards of half a billion in costs annually through layoffs and other cost-reduction measures, pursue a joint venture to gain streaming scale for Paramount+ and potentially sell some assets to shore up the balance sheet.
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