Paramount Global Adds Three Directors Amid Skydance Acquisition Delays

Paramount Global has announced the nomination of three new directors to its board as it awaits regulatory approval for its $8.4 billion acquisition of Skydance Media. The nominees are Mary Boyce, a legal advisor at the law firm Boies Schiller Flexner, Charles Ryan, a co-founder and general partner at the Silicon Valley venture capital firm Almaz Capital, and Roanne Srego Licht, a former judge who currently serves as an adjunct professor at Boston University and Roger Williams University.

The acquisition, led by David Ellison, was initially planned to be completed in the first half of 2025. However, the process has been complicated by regulatory reviews and a high-profile lawsuit. Paramount Global is currently awaiting a settlement in a case brought by Trump against CBS News, which alleges that CBS deceptively edited an interview with Kamala Harris during the 2024 election period.

The addition of these three directors is likely aimed at enhancing the board's governance capabilities to address the ongoing delays and complexities in the acquisition process. The nominees will be voted on at the company's annual shareholder meeting on July 2.

Last week, reports emerged that the California Senate is investigating the company for alleged bribery and unfair competition practices. This development adds another layer of complexity to the acquisition process, which is already fraught with regulatory hurdles and legal challenges.

The strategic move to appoint these directors, particularly a former judge, underscores Paramount Global's commitment to navigating the complexities of the acquisition with a strong and experienced leadership team. The addition of these new members to the board is expected to provide valuable insights and expertise, helping to address any potential challenges that may arise during the regulatory approval phase. The company's proactive approach in strengthening its board reflects its confidence in the acquisition and its dedication to completing the deal successfully.