By Paul Ziobro
Paramount Global nominated three new directors to its board and has scheduled its shareholder meeting for July 2, according to its annual proxy filing.
The entertainment company, which owns CBS, the renowned movie studio and a number of cable channels, is in the midst of negotiations to settle a lawsuit by President Trump against its CBS News division. If a settlement isn't reached before the annual shareholder meeting, a new board will have to approve any deal.
The nominees are Mary Boies, counsel to Boies Schiller Flexner, Charles Ryan, a partner at the venture firm Almaz Capital, and Roanne Sragow Licht, a retired judge, according to the proxy filed Monday with the Securities and Exchange Commission.
The media company is also in the midst of an $8 billion merger with Skydance Media.
The nominees would leave Paramount with seven directors. The company wanted to make sure it has a full board in place in case the deal with Skydance falls through, The Wall Street Journal has reported, citing people familiar with the matter.
Paramount last July agreed to merge with David Ellison's Skydance in a deal that would end the Redstone family's involvement with the Hollywood company. Shari Redstone would be selling her family's controlling stake in Paramount, and merge the company with Skydance.
Paramount is working to move the merger through a federal review under the Trump administration.
Paramount is also navigating a lawsuit against CBS News by Trump. The suit alleges that the news division deceitfully edited a "60 Minutes" interview with Democratic presidential candidate Kamala Harris to make her sound better. CBS has said the broadcast was "not doctored or deceitful."
Paramount in recent days offered $15 million to settle, The Journal reported, while President Trump's team wants more than $25 million and is also seeking an apology from CBS News.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
June 02, 2025 16:55 ET (20:55 GMT)
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