June 4 (Reuters) - Paramount Global's ( PARAA ) newly

appointed co-CEOs are expected to discuss their vision for the

media conglomerate with shareholders on Tuesday, even as the

company's controlling shareholder evaluates merging the company

with Skydance Media.

The trio of executives - George Cheeks, president and CEO of

CBS; Chris McCarthy, president and CEO of Showtime/MTV

Entertainment Studios; and Brian Robbins, president and CEO of

Paramount Pictures - have led the company since the exit of

former boss Bob Bakish in April. Bakish left amid growing

tensions with Shari Redstone, Paramount's controlling

shareholder.

Redstone also is expected to speak.

The company's annual shareholder meeting will mark the first

time the triumvirate publicly addresses investors as a group.

They are expected to announce strategic initiatives, including

their streaming strategy.

Discussions about Paramount's future come against a backdrop

of sale negotiations that could dramatically alter the company's

trajectory. In April, Paramount entered into exclusive merger

talks with Skydance, but allowed that period of exclusivity to

lapse as it evaluated a rival non-binding offer letter from Sony

Pictures Entertainment and Apollo Global Management ( APO ).

Under the terms of the latest offer from Skydance, Paramount

would acquire the independent studio in an all-stock transaction

valued at $4.75 billion, according to one person familiar with

the negotiations. Skydance and its deal partners, RedBird

Capital and KKR, would infuse Paramount with at least

$1.5 billion in fresh capital to be used to pay down debt, and

offer to purchase 40% of Paramount's nonvoting class B stock at

$15 a share, the source said.

Skydance, in a related transaction, would acquire privately

held National Amusements, which owns movie theaters in the U.S.,

U.K. and Latin America, and holds 77% of Paramount's class A

voting stock, representing the Redstone family's controlling

interest in the company.

That $2 billion deal would give Skydance CEO David Ellison

voting control over the larger media company, setting the stage

for the merger.

Paramount has shed about $18 billion in market value since

December 2019, when Redstone reunited two halves of the family's

media empire, CBS and Viacom. Like other media companies,

Paramount's fortunes waned as the traditional television

business declined while the streaming video service it launched

to capture audiences has yet to recover lost revenue.

National Amusements has said it is reviewing terms of the

Skydance offer, as well as two other bids for the privately held

movie theater operator. As of Monday night, Redstone had not

reached a decision, according to a source familiar with the

matter.