David Ellison George Cheeks Chris Maccarthy Shari Redstone Brian Robbins Edgar Bronfman-Junior Todd Spangler awards recommendations president Digital CEO Target COST David Ellison George Cheeks Chris Maccarthy Shari Redstone Brian Robbins Edgar Bronfman-Junior Todd Spangler

Paramount Grants Three Co-CEOs Change-in-Control Severance Benefits, Cash Bonuses

Reading now: 155
variety.com

Todd Spangler NY Digital Editor As an M&A event looms on the horizon for Paramount Global, the three execs in the conglomerate’s “Office of the CEO” are now eligible for stepped-up severance payments in the event of a sale or merger — and the company also will award them cash bonuses for the time they serve as co-CEOs.

The move comes as Shari Redstone, Paramount’s controlling shareholder, is evaluating a merger offer from David Ellison’s Skydance Media, which the Paramount Global board’s special committee has recommended.

Meanwhile, that protracted sale process has attracted other bidders interested in buying out Redstone’s National Amusements Inc., which owns 77% of the voting shares in Paramount, including Edgar Bronfman Jr.

On Monday, Paramount disclosed that the three members of the Office of the CEO — George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and Chief Executive Officer of Paramount Pictures and Nickelodeon — have been designated as participants in the company’s Executive Change in Control Severance Protection Plan.

Read more on variety.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA