(Reuters) – Paramount Global said on Thursday it plans to trim its board of directors to seven from the current 11, amid reports the Shari Redstone-controlled entertainment giant is discussing a merger with Skydance Media.
The company did not propose in its proxy statement to elect Dawn Ostroff, a former Spotify (NYSE:) executive, to its board of directors. Sony (NYSE:) Former Entertainment President Nicole Seligman, Redstone attorney Rob Kliger and investment banker Frederick Terrell.
Earlier this month, a source told Reuters that Paramount’s board had agreed to enter into exclusive merger talks with Skydance Media, which is led by CEO David Ellison, the son of Oracle (NYSE:) co-founder Larry Ellison.
The deal will unite Paramount with Ellison’s independent media house, which is behind films such as “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning Part One.”