01:02 PM EDT, 07/22/2024 (MT Newswires) -- (Updates with response from Paramount Global ( PARAA ) in the sixth paragraph.)

Paramount Global's ( PARAA ) expected sale in 2025 gives Caryn Groce the needed time to become the company's permanent general counsel, Bloomberg reported Monday, citing four people familiar with the matter.

Groce, who became the acting general counsel following Christa D'Alimonte's departure from the company in June, is "in the driver's seat" to demonstrate her ability to do the job to the company's proposed buyers, the report said, citing one of the people.

Earlier this month, Paramount entered into a definitive agreement to merge with Skydance Media to form New Paramount at an enterprise value of about $28 billion.

Skydance's president of global business and legal affairs, Yoo-Jean Chi, is unlikely to assume the role of legal chief for a publicly traded media company from privately held Skydance, the report said, citing unnamed sources.

Chi could be a candidate to head the film unit of the combined entity, the report said, citing the sources.

Paramount declined MT Newswires' request for comment, while Skydance didn't immediately respond to a 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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