Paramount Global unveils business plan and job cuts as sale looms

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Paramount Global Chair Shari Redstone must decide whether to sell her family's controlling stake in the battered media company. For now, the company operates under a three-executive CEO structure.

Despite the potential sale of Paramount Global, controlling shareholder Shari Redstone kicked off the company's annual investor meeting Tuesday by expressing confidence in its new management structure and hinting at more cost cuts to come. Paramount executives declined to answer questions about its sale talks with David Ellison's Skydance Media, which have accelerated in recent days.

During Paramount's 44-minute shareholder meeting, several investor proposals, including measures to provide clarity on the use of artificial intelligence and restrictions on golden parachutes for key executives, were rejected. Six board members were reelected to oversee the company. In addition to Redstone, board members Linda M. Griego, Barbara M. Byrne, Judith A. McHale, Charles E. Phillips Jr. and Susan Schuman returned for yearlong terms on the board.

 

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