Paramount Stock Falls With Four Board Members Reportedly Stepping Down Amid Merger Talks

By
Bill McColl
Bill McColl
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Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

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Published April 10, 2024
Paramount logo on a building in Hollywood, California

PATRICK T. FALLON / AFP via Getty Images

Key Takeaways

  • Paramount shares lost ground Wednesday following a report four members of Paramount Global's board will step down amid merger talks. 
  • Three of those leaving are members of a special committee looking into a possible sale, The Wall Street Journal reported.
  • Earlier in the week, Matrix Asset Advisors had blasted a potential deal between controlling shareholder Shari Redstone and David Ellison's Skydance Media.

Paramount Global (PARA) shares fell over 4% Wednesday following a report four members of the company's board will step down soon. 

Board members Dawn Ostroff, Nicole Seligman, Frederick Terrell, and Rob Klieger are expected to resign in the coming weeks, and the company may be announcing the departures in a regulatory filing as early as this week, The Wall Street Journal reported.

Ostroff, Terrell, and Seligman are members of a special committee looking into a potential buyers of Paramount, as controlling stakeholder Shari Redstone reportedly engages in merger talks with David Ellison’s Skydance Media.

The news came just days after large investor Matrix Asset Advisors wrote a letter to the board criticizing the possible Skydance deal as “detrimental” to the company and demanding members reconsider what’s believed to be a $26 billion to $27 billion offer from private equity firm Apollo Management Group that the board turned down.

Paramount Global shares finished 4.3% lower at $10.50 Wednesday. They've lost about 27% of their value year to date.

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  1. The Wall Street Journal. "Four Paramount Directors to Step Down as Company Discusses Skydance Merger."

  2. The New York Times. "Apollo Valued Paramount at $26 Billion in Overture That Was Ignored."

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