Paramount Chair Shari Redstone Will Leave Board After Skydance Merger

By Christopher Palmeri

November 04, 2024 at 9:18PM EST

Shari Redstone, chair of Paramount Global, after the morning session at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Wednesday, July 10, 2024. The annual event has been a historic breeding ground for media deals and is usually a forum for tech and media elites to discuss the future of their industry. (David Paul Morris/Bloomberg)

(Bloomberg) -- Shari Redstone won’t stay on the board of Paramount Global after the company completes its planned merger with Skydance Media, according to people familiar with her plans.

Redstone, the chair of the film and TV company, and her son, Tyler Korff, both have the option of joining the board of the new company, but don’t plan to, according to the people, who asked to not be identified discussing private matters.

The Redstone family is ceding control of the parent of CBS, MTV and other businesses to Skydance founder David Ellison, who will become chairman and chief executive officer. The deal is expected to close next year.

The new Paramount board will have up to 13 members, according to a regulatory filing on Monday. Five will be designated by Ellison, two by investor RedBird Capital Partners, one will be the new president of Paramount, and up to three will be independents.