Paramount Global Stock Stumbles on Report 3 Directors Will Be Leaving -- Barrons.com

Dow Jones04-11

By Emily Dattilo

Shares of Paramount Global were trading lower following a report that four directors will soon be leaving the media company.

On Wednesday, The Wall Street Journal reported the three directors -- Dawn Ostroff, a former Spotify executive; Nicole Seligman, an attorney and former president of Sony Entertainment; Frederick Terrell, a veteran investment banking executive; and Rob Klieger, controlling shareholder Shari Redstone's attorney -- are expected to step down from the board in the weeks ahead, according to people familiar with the situation.

"The planned departures could be disclosed in a Paramount securities filing as soon as this week," according to the Journal.

Earlier this month, the Journal reported that members of Paramount's board and Skydance Media have agreed to start exclusive merger discussions, with Paramount favoring that deal over a recent $26 billion all-cash offer from private-equity firm Apollo Global Management.

Paramount stock was down 4.8%, at $10.43, in recent trading, while the S&P 500 was off 1%.

Write to Emily Dattilo at emily.dattilo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 10, 2024 15:17 ET (19:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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