At a critical moment for the company, Paramount Global says that it will add three new independent directors to its board, asking shareholders to support the nominees at its upcoming annual meeting.
In its proxy filing, filed Monday, Paramount said that attorney Mary Boies, former judge Roanne Sragow Licht and venture capitalist Charles Ryan have been nominated to join its board. The trio were nominated by the board’s governance committee, after being introduced to the board by “a non-management director and stockholder of the Company.”
Paramount’s board has been light for the past year after four board members opted to step down at last year’s annual meeting, and with Charles Phillips exiting late last year. This year’s annual meeting gives the company a chance to freshen up the board, allowing it to proceed as business as usual.
Of course, the nominations come as the company goes through a number of things that are anything but business as usual. Paramount agreed to sell to Skydance last year, but that deal is still being reviewed by the Federal Communications Commission. At the same time, President Donald Trump has an active lawsuit against the company over an interview that CBS’ 60 Minutes conducted with Vice President Kamala Harris. The two sides are currently in mediation talks to try and resolve the suit.
Paramount is reported to have offered $15 million to resolve the suit. The FCC is also reviewing the interview via its “news distortion” purview.
Paramount chair Shari Redstone and the company’s three co-CEOs Chris McCarthy, Brian Robbins and George Cheeks alluded to the issues in their annual letter to shareholders, which was also published Monday.
“Against the backdrop of a dynamic and complicated time in the macro-economic environment and our industry, we are proud that 2024 proved to be a transformative year for Paramount,” they wrote, touting improved profitability in streaming, ratings success at CBS and new franchise development. “As the FCC continues its review of the Skydance transactions, we remain focused on delivering high-performing hits, supporting our creative culture, and driving value for shareholders.”
The new board members are important because if the Skydance deal does not move forward, they will need to help the company chart a new course. And the board would likely need to sign off on any final settlement in the lawsuit.