Paramount Global's Co-CEOs Granted Bonuses Amid Merger

Paramount Global has confirmed that its three co-CEOs, George Cheeks, Chris McCarthy, and Brian Robbins, will continue to receive their annual bonuses and $3 million in restricted share units, even if they leave their leadership roles before the company's merger with Skydance Media in 2025. The executives can resign for severance if their duties are significantly changed or reduced, as stated in a recent SEC filing. This decision comes amid the backdrop of significant cost-cutting measures, including a planned 15% reduction in the U.S. workforce, aimed at saving $500 million annually. The co-CEOs were appointed following the departure of former CEO Bob Bakish, who left amid conflicts with the controlling shareholder, Shari Redstone. The merger, anticipated to close in the first half of 2025, will see David Ellison become the chief executive of the combined entity. Paramount's move to secure bonuses and severance packages reflects a strategic effort to stabilize leadership during a transitional phase in a competitive media landscape.