April 10 (Reuters) - Three members on the board of
Paramount Global ( PARAA ) are expected to exit the entertainment
giant amid merger talks with Skydance Media, the Wall Street
Journal reported on Wednesday, citing people familiar with the
situation.
Earlier this month, a source told Reuters that Paramount's
board had agreed to enter exclusive merger talks with Skydance
Media, led by CEO David Ellison, son of Oracle co-founder Larry
Ellison.
A merger could result in Ellison combining Paramount with
his independent media house that is behind films such as "Top
Gun: Maverick" and "Mission: Impossible - Dead Reckoning Part
One."
Paramount declined to comment on the report that said former
Spotify executive Dawn Ostroff, Sony Entertainment ex-president
Nicole Seligman and Redstone attorney Rob Klieger were expected
to step down in coming weeks, the Journal reported.
Seligman, who is also on the board of ChatGPT-maker OpenAI,
and Ostroff are on a special committee of independent directors
tasked with pursuing the best possible deal for Paramount,
whether that is with Skydance or another suitor, the report
added.
Rob Klieger did not immediately respond to a Reuters request
for comment and the other two directors could not be immediately
reached.
The potential departures would reduce Paramount's board to
eight members.
The exits could be disclosed in an SEC filing by Paramount
as soon as this week, the report said.
(Reporting by Akash Sriram in Bengaluru; Editing by Shinjini
Ganguli)