Paramount Global nominates three board directors as Skydance merger awaits approval

(Reuters) -Paramount Global nominated three new directors on Monday, seeking to boost its board strength to seven as it awaits regulatory approval for its $8.4 billion merger with Skydance Media.

Paramount nominated Mary Boies, counsel to Boies Schiller Flexner LLP, Charles Ryan, co-founder and general partner of Almaz Capital, and Roanne Sragow Licht, former justice and adjunct professor at Boston University and Roger Williams University.

U.S. President Donald Trump filed a $10 billion lawsuit against Paramount-owned CBS News in October, alleging that the network deceptively edited an interview with then-vice president and presidential candidate Kamala Harris, to "tip the scales in favor of the Democratic Party" in the election.

Trump's lawsuit is seen as a major roadblock to the Paramount-Skydance merger, according to some analysts.

The merger requires approval from the U.S. Federal Communications Commission, which has authority over the transaction because it needs to approve the transfer of the broadcast television licenses held by CBS.

Paramount, chaired by Shari Redstone, reportedly offered $15 million to settle the suit.

Trump raised his claim for damages to $20 billion in February.

The Wall Street Journal reported last week that the company wanted to ensure it had a full board in place in case its negotiations with Trump to settle his lawsuit fell through.

Paramount is scheduled to hold its annual stockholder meeting on July 2.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Pooja Desai)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Citadel unwinds 80% of Aschenbrenner’s portfolio risk - report
• Guggenheim fund hits 17-year low after short-seller claims
• LivePerson extends special meeting deadline for SoundHound AI merger vote