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Shari Redstone and her son, Tyler Korff, do not intend to serve on Paramount Global‘s board of directors after the close of the company’s pending merger with Skydance Media.
Redstone’s National Amusements has been Paramount’s controlling shareholder for decades. She has been chair of the company, spearheading the merger of CBS and Viacom in 2019 and then the merger with Skydance, which is expected to close in the first half of 2025.
A massive SEC filing – a registration statement running to nearly 700 pages – lays out a number of details about the merged entity. Skydance CEO David Ellison will be board chairman and Jeff Shell, set to be president of the new company, will be given a board seat. The filing mentions that Redstone and Korff would be afforded an opportunity to serve on the board, but their preference not to do so was confirmed to Deadline by a person familiar with their thinking.
A Paramount rep did not immediately respond to a request for comment.
Bloomberg and Puck News both reported earlier on details about the merged company and its board beyond the contents of the SEC filing.
The merger process, initiated at the end of 2023, stretched on for months and at one point Redstone pulled out of a previous agreement with Skydance at the 11th hour. Still, even though she had a front-row seat to the rise of Viacom and CBS as media powers under her father, Shari Redstone has also been interested in other pursuits, including deepening her involvement in philanthropy. Along with serving as CEO of National Amusements, Redstone has also overseen a venture firm, Advancit Capital.
