(Reuters) – Paramount International controlling shareholder Shari Redstone acquired the fewest votes amongst different administrators within the firm’s board election, a submitting on Friday confirmed.
Redstone acquired 32.2 million votes for her election to the board, the bottom out of the six candidates, whereas additionally getting essentially the most votes towards her election at greater than 905,000.
Paramount’s annual shareholder assembly was held on Tuesday the place the corporate’s co-CEOs put forth a restructuring plan that included $500 million in annualized value cuts, potential asset gross sales and a doable three way partnership or different partnerships for its Paramount+ streaming service.
The corporate has been grappling with a decline in its conventional tv enterprise, whereas the video streaming service it launched to seize viewers has but to recuperate misplaced income.
Paramount and impartial studio Skydance Media have been negotiating for months over a merger of the 2 corporations.
Skydance CEO David Ellison diminished his preliminary $2.5 billion provide for Nationwide Amusements, which holds the Redstone household’s Paramount stake, to supply extra money for the corporate’s nonvoting shareholders, Reuters reported on Tuesday, citing sources.
Redstone was sad with the diminished provide, paving a method for rival bidders to make their case.
(Reporting by Zaheer Kachwala in Bengaluru; Enhancing by Maju Samuel)