Paramount Global controlling shareholder Shari Redstone received the fewest votes amongst other directors in the corporate’s board election, a filing on Friday showed.
Redstone received 32.2 million votes for her election to the board, the bottom out of the six candidates, while also getting essentially the most votes against her election at greater than 905,000.
Paramount’s annual shareholder meeting was held on Tuesday where the corporate’s co-CEOs put forth a restructuring plan that included $500 million in annualized cost cuts, potential asset sales and a possible three way partnership or other partnerships for its Paramount+ streaming service.
The corporate has been grappling with a decline in its traditional television business, while the video streaming service it launched to capture viewers has yet to recuperate lost revenue.
Shari Redstone received 32.2 million votes for her election to the board, the bottom out of the six candidates Getty Images
Paramount and independent studio Skydance Media have been negotiating for months over a merger of the 2 firms.
Paramount and independent studio Skydance Media have been negotiating for months over a merger of the 2 firms.
Skydance CEO David Ellison reduced his initial $2.5 billion offer for National Amusements, which holds the Redstone family’s Paramount stake, to offer extra money for the corporate’s nonvoting shareholders, Reuters reported on Tuesday, citing sources.
Redstone was unhappy with the reduced offer, paving a way for rival bidders to make their case.
