Paramount Global has nominated three new directors to strengthen its board as it moves closer to finalizing its $8.4 billion merger with Skydance Media. The nominations include Mary Boies, legal counsel at Boies Schiller Flexner LLP; Charles Ryan, co-founder of Almaz Capital; and Roanne Sragow Licht, a former judge and university professor. Their addition would expand Paramount’s board to seven members.
The media giant, led by Chairwoman Shari Redstone, is still awaiting regulatory approval from the U.S. Federal Communications Commission (FCC), which must authorize the transfer of CBS's broadcast licenses as part of the deal.
However, the merger faces a significant hurdle: a high-profile $10 billion lawsuit filed by U.S. President Donald Trump in October against Paramount-owned CBS News. Trump alleges that CBS deceptively edited an interview with then-Vice President Kamala Harris to favor Democrats in the 2024 election. In February, Trump escalated the suit, increasing his damages claim to $20 billion.
Reports suggest Paramount has offered $15 million in a bid to settle the lawsuit. Analysts believe resolving the legal dispute is crucial for the merger’s success. The Wall Street Journal recently noted that Paramount aims to ensure a full board is in place should talks with Trump collapse.
Paramount’s annual shareholder meeting is scheduled for July 2, with the merger and lawsuit developments expected to play a pivotal role in shaping investor sentiment. The company continues to navigate legal and regulatory hurdles while pursuing strategic growth through its Skydance Media merger.