Paramount (PARA) Expands Board Amid Skydance Merger Challenges

On June 2, Paramount Global (NASDAQ:PARA) confirmed the appointment of three new directors to boost its board strength to seven. Mary Boies, Charles Ryan, and Roanne Sragow Licht are joining the board when the company is seeking regulatory approval on its proposed $8.4 billion merger with Skydance Media.

Paramount (PARA) Expands Board Amid Skydance Merger Challenges

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The company has hit significant roadblocks on the proposed merger after being hit with a $20 billion lawsuit for allegedly editing an interview with then-vice president Kamala Harris. US President Donald Trump accused the Paramount-owned CBS News of editing the interview to tip the scales in favor of the Democratic Party ahead of the hotly contested presidential elections.

The lawsuit is a significant roadblock to the proposed Paramount and Skydance merger. With President Trump at the helm, the company faces an uphill task to secure regulatory approval from the US Federal Communication Commission. Consequently, Paramount has moved to strengthen its board in case negotiations with Trump to settle the lawsuit fall through.

The new board nomination also signals Paramount plans to continue operating as an independent company should the proposed merger with Skydance Media fall through. The company hoped to close the deal in the year’s first half.

Paramount Global is a media and entertainment company that works all over the world. It has three main areas—TV channels, streaming services, and movie production.

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