(Bloomberg) -- Paramount Global board member Charles Phillips is resigning three months after the film and TV company agreed to merge with Skydance Media.
Phillips, who headed a special committee designed to oversee the sale process, had at times voiced concerns about the Skydance deal.
His resignation is effective Oct. 31, according to a regulatory filing Friday. Phillips is a co-founder and managing partner of Recognize, a technology investment firm.
“As my firm Recognize launches a second fund next month, the expansion and growth unfortunately leave less time for outside commitments,” Phillips said in a statement. “It’s been an honor to serve on the Viacom, ViacomCBS, and Paramount boards in a dynamic industry.”
Along with Paramount’s three co-chief executive officers, Phillips spent weeks earlier this year preparing a strategic plan for the company as an alternative to a sale to the David Ellison-led Skydance. At one point talks were halted by Paramount Chair Shari Redstone. After several twists and turns in negotiations, Paramount ultimately agreed to merge with Skydance in a deal that’s expected to close in the first half of next year.
Phillips served as president at Oracle Corp., co-founded by Larry Ellison, who is David Ellison’s father and a significant backer of the Skydance deal.
He was on the board of Viacom from January 2006 to December 2019 and its predecessor beginning in 2004. Phillips co-founded Recognize in 2020. The firm raised about $1.3 billion for its inaugural fund in 2022.
(Updates with details on Phillips in final paragraph.)
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