As an M&A event looms on the horizon for Paramount Global, the three execs in the conglomerate’s “Office of the CEO” are now eligible for stepped-up severance payments in the event of a sale or merger — and the company also will award them cash bonuses for the time they serve as co-CEOs.
The move comes asShari Redstone, Paramount’s controlling shareholder, is evaluating a merger offer from David Ellison’s Skydance Media, which the Paramount Global board’s special committee has recommended. Meanwhile, that protracted sale process has attracted other bidders interested in buying out Redstone’s National Amusements Inc., which owns 77% of the voting shares in Paramount, including Edgar Bronfman Jr.
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