Charles Phillips Jr. Steps Down from Paramount Board Amid Skydance Merger

Phillips leaves to focus on his investment firm as Paramount prepares for its $8 billion merger with Skydance Media.

Charles Phillips Jr., who led Paramount's special committee for the Skydance merger, will resign from the board on October 31, 2024.
Phillips is stepping down to dedicate more time to Recognize, an investment firm he co-founded, which is launching a second fund.
The merger with Skydance, expected to close in the first half of 2025, faced initial resistance but was eventually revised to include benefits for Class B shareholders.
Paramount's merger process has seen significant board turnover, including the departure of four other board members earlier this year.
Legal challenges have arisen from shareholders concerned about the merger's impact, with lawsuits alleging breaches of fiduciary duties.