Paramount’s Shari Redstone Was Paid $523,000 in 2024

Paramount’s board of directors raked in a combined $3.8 million in compensation for 2024, per an amended 10-K filing with the U.S. Securities and Exchange Commission.

Shari Redstone, the media giant’s non-executive chairwoman and controlling shareholder, received $523,387 in total director compensation – the fourth highest paid member of the board.

The package included $300,000 in fees, $198,227 in stock awards, $160 reflecting a change in pension value and non-qualified deferred compensation earnings and $25,000 in “other” compensation, which comprised matching contributions for donations made to eligible tax-exempt organizations on her behalf by the company in 2024.

TheWrap previously reported that Redstone will exit the media giant’s board of directors following completion of its $8 billion merger with Skydance Media. Under the two-step deal, Skydance is set to acquire Redstone’s National Amusements holding company, which controls 77.4% of the Paramount Class A common stock outstanding, before merging with the Hollywood studio.

Charles E. Phillips, Jr., who led the board’s special committee that reached the Skydance deal, received $478,009 in total compensation.His package included $266,000 in fees, $198,227 in stock awards and $13,782 reflecting a change in pension value and non-qualified deferred compensation earnings. Phillips exited the board in October to focus more of his time on Recognize, an investment firm he co-founded and launched back in 2020.

In addition, four other board members stepped down in the midst of merger talks with Skydance: Frederick Terrell, Nicole Seligman, Dawn Ostroff and Robert Klieger. Terrell received a package of $226,020 in 2024, while Seligman took in $208,000, Ostroff was paid $157,500; and Klieger received $50,039.

The other remaining board members include Barbara Byrne, who was paid $537,227; Linda Griego, who received $527,077; Judith McHale, who was given $544,738; and Susan Schuman, who was paid $516,227.

The Skydance deal, which was brokered in July, has been stuck in limbo due to regulatory approval from the FCC due to a required transfer of broadcast licenses.

Several parties have filed petitions to the agency in connection with the deal, including investor Mario Gabelli, who is seeking to pause the review as he investigates “potential fiduciary and/or federal securities violations,” Hollywood’s Teamsters Union, LiveVideoAi.Corp, Fuse Media, conservative law firm The Center for American Rights, which has accused the company of “news distortion,” and Project Rise Partners, which has made an alternative $13.5 billion offer to acquire Paramount. Skydance has asked the FCC to dismiss the objections. It also blasted PRP’s bid as “belated” and “unserious” and said it contains “overwhelming evidence of fraud.”

Other Paramount shareholders who have called out the deal include The Employees Retirement System of Rhode Island, who the Delaware Court ordered the media giant to turn documents over to for a similar investigation into potential corporate wrongdoing, Scott Baker, who has filed a proposed class-action lawsuit arguing the Skydance deal could cost shareholders $1.65 billion in damages, as well as the California State Teachers’ Retirement System (CalSTRS), which believes the damages could exceed that figure.

Separately, President Donald Trump has called for CBS News’ broadcast license to be revoked and is suing the network for $20 billion over a “60 Minutes” interview with former Vice President Kamala Harris. CBS and Trump are in settlement talks and have reportedly agreed to a mediator.

The Skydance deal triggered its first automatic 90-day extension after failing to close on April 7.

If the deal is not closed by July 6, the deadline will be automatically pushed another 90 days to Oct. 4. After that, if the deal is still not closed, or if a regulator blocks the merger or one of the parties involved breaches the terms of the agreement, then Skydance and Paramount will have the option of terminating the deal.

Exercising that option would leave Paramount on the hook to pay Skydance a $400 million breakup fee. 

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