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Four Board Directors To Leave Paramount Global: Reports

According to multiple media reports, four board directors at Paramount Global (PARA) are planning to depart the entertainment company.

Dawn Ostroff, a former Spotify (SPOT) executive; Nicole Seligman, former president of Sony Entertainment (SONY); Frederick Terrell, an investment banker; and Rob Klieger, an attorney are each stepping down from the board in the coming weeks.

The board departures come as Paramount Global tries to sell itself.

Earlier in April, Paramount’s board entered exclusive discussions with privately held Skydance Media about a potential takeover or merger.

Paramount previously received a $26 billion U.S. all-cash takeover offer from private-equity firm Apollo Global Management (APO), which it has since rebuffed.

It is not immediately clear why the four board members are leaving Paramount Global and the company has not commented on the situation publicly.

Paramount Global owns Paramount Pictures and the CBS television network. It also owns specialty TV channels such as MTV and Comedy Central. Its film franchises include Star Trek and Indiana Jones.

The stock of Paramount Global has declined 54% over the last 12 months and currently trades at $10.50 U.S. per share.

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