(Reuters) – Paramount Global disclosed on Thursday that it plans to reduce its board to seven directors from 11 currently amid reports that the entertainment giant controlled by Shari Redstone was discussing a merger with Skydance Media.
The company, in its proxy filing, did not propose the election of board members Dawn Ostroff, a former Spotify executive, Sony Entertainment ex-president Nicole Seligman, Redstone attorney Rob Klieger and investment banker Frederick Terrell.
Earlier this month, a source told Reuters that Paramount’s board had agreed to enter exclusive merger talks with Skydance Media, which is led by CEO David Ellison, son of Oracle co-founder Larry Ellison.
A deal would combine Paramount with Ellison’s independent media house that is behind films such as “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning Part One”.
(Reporting by Aditya Soni in Bengaluru; Editing by Shilpi Majumdar)
