High-profile figures, including Sherry Lansing and Safra Catz from Oracle, to be included in the board of Paramount Skydance.
New Paramount Skydance Corporation Takes Shape
In a significant move, Paramount Skydance Corporation, the newly merged entity between Skydance Media and Paramount Global, has announced its board of directors. The deal, largely bankrolled by Oracle founder Larry Ellison, will see the Ellison family holding 100% voting control over the corporation.
The new board, consisting of 10 directors, includes some familiar faces from both companies. David Ellison, CEO of Skydance Media, will assume the role of Chairman and CEO of the new Paramount Skydance Corporation, steering the overall company strategy and revival of the brand. Jeff Shell, future president of Paramount, is joining the board, overseeing day-to-day television operations.
George Cheeks, the only current Paramount executive retained, becomes Chairman of TV Media, which includes CBS properties and cable channels like MTV and Nickelodeon. Dana Goldberg and Josh Greenstein, both from Skydance, will be Co-Chairs of Paramount Pictures; Goldberg will also chair Paramount Television Studios and Nickelodeon Films.
Andy Gordon, who leads the West Coast office of RedBird, will take the role of chief operating officer and chief strategic officer in the new Paramount Skydance. Barbara Byrne, former vice chairman of Barclays PLC, has served on the board of Paramount Global as an independent director and will continue to do so in the new corporation.
Gerry Cardinale, founder of RedBird Capital Partners, and John L. Thornton, chairman of RedBird Capital Partners, are also joining the board. Safra A. Catz, CEO of Oracle, and Justin G. Hamill, managing director and chief legal officer of Silver Lake, are also part of the board, serving as representatives of financial stakeholders.
Three of the 10 directors will be independent, ensuring diverse perspectives and oversight. Notable independent directors include Sherry Lansing, former head of Paramount Pictures, and Paul Marinelli, president of Lawrence Investments, LLC.
The new company's board structure is part of a decentralized leadership approach, aiming to modernize and transform the company across three primary segments: studios, direct-to-consumer, and TV media. Nonvoting shares of Paramount Skydance will trade under the symbol "PSKY." The merger between Skydance Media and Paramount Global is expected to close on August 7.
Upon the close of the merger, Shari Redstone, current director of Paramount Global, will step down, marking a new chapter for the entertainment giant. The directors will begin serving on the board at the completion of the merger, ready to steer Paramount Skydance Corporation towards a bright and exciting future.
- The merger between Skydance Media and Paramount Global is attracting significant attention in the finance world, as investors recognize the potential for technology to revolutionize the business of entertainment.
- In the new Paramount Skydance Corporation, various board positions are held by individuals with diverse backgrounds, including technology, media, and finance, reflecting the company's commitment to innovation and growth across multiple sectors.
