Overview

• 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.