05:18 AM EDT, 07/08/2024 (MT Newswires) -- Paramount Global ( PARAA ) will continue to downsize its workforce and divest some of its assets until its merger with Skydance Media is finalized, Reuters reported Sunday, citing a memo from the company's co-Chief Executives Brian Robbins, George Cheeks and Chris McCarthy.

The company will maintain its operations independently and execute its strategic initiatives as usual during this transitional period, Reuters reported.

The report also said that Paramount's non-executive chair, Shari Redstone, will divest the family's controlling interest in the company as part of the merger agreement.

Paramount Global ( PARAA ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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