Charles Phillips Resigns from Paramount Global Board

Charles Phillips Jr., a key member of the Paramount Global board and leader of the special committee that approved the $8 billion merger with Skydance Media, is resigning effective October 31, 2024. In his resignation letter, Phillips cited the launch of a second fund for his firm Recognize as the reason for stepping down, stating his commitments would prevent him from fulfilling board duties. Having served on Viacom and its successor boards since 2004, his departure comes amidst significant changes at Paramount, including its merger with Skydance, which is expected to finalize in the first half of 2025. Phillips has been noted for raising concerns during the merger negotiations and has a background at Oracle, which has connections to Skydance's founder. His resignation reflects a shift in focus towards his investment initiatives, wishing well for the company and its employees.