June 7 (Reuters) - Paramount Global ( PARAA ) controlling

shareholder Shari Redstone received the fewest votes among other

directors in the company's board election, a filing on Friday

showed.

Redstone received 32.2 million votes for her election to the

board, the lowest out of the six candidates, while also getting

the most votes against her election at more than 905,000.

Paramount's annual shareholder meeting was held on

Tuesday where the company's co-CEOs put forth a

restructuring plan

that included $500 million in annualized cost cuts,

potential asset sales and a possible joint venture or other

partnerships for its Paramount+ streaming service.

The company has been grappling with a decline in its

traditional television business, while the video streaming

service it launched to capture viewers has yet to recover lost

revenue.

Paramount and independent studio Skydance Media have

been negotiating for months over a merger of the two companies.

Skydance CEO David Ellison reduced his initial $2.5

billion offer for National Amusements, which holds the Redstone

family's Paramount stake, to provide additional cash for the

company's nonvoting shareholders, Reuters reported on Tuesday,

citing sources.

Redstone was unhappy with the reduced offer, paving a

way for rival bidders to make their case.