09:58 AM EDT, 06/04/2024 (MT Newswires) -- Paramount Global's ( PARAA ) leadership presented plans Tuesday at the company's annual shareholder meeting to explore a streaming joint venture, cut $500 million in costs, and sell non-core assets in case a sale is not successful, CNBC reported Tuesday.

The company's leadership consists of CBS Chief Executive George Cheeks, Paramount Pictures CEO Brian Robbins, and Paramount Media Networks CEO Chris McCarthy.

Paramount has agreed to merger terms with Skydance Media, RedBird Capital, and KKR, pending approval from controlling shareholder Shari Redstone, according to the report. The potential plan is expected to serve as a backup if the sale is not approved, CNBC reported.

Paramount did not immediately respond to a request for comment from MT Newswires.

(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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