Shari Redstone to Receive $180 Million Severance Package After Skydance Deal
Media Mogul to Step Down From Paramount
Redstone's Departure Marks End of an Era
Media mogul Shari Redstone is set to receive a $180 million severance package after the closing of the Skydance Media deal, according to a report by The Wall Street Journal. Redstone, who has been at the helm of Paramount Global for over two decades, will step down from her role as chairwoman and CEO once the deal is complete.
Redstone's departure marks the end of an era for Paramount Global, which was founded by her father, Sumner Redstone. Under Shari Redstone's leadership, the company has undergone a significant transformation, including the acquisition of CBS in 2019.
In recent years, Redstone has faced mounting pressure from activist investors to sell Paramount Global. The company's stock price has languished in recent years, and Redstone has been criticized for her handling of the COVID-19 pandemic.
The Skydance deal is expected to close in the coming weeks. Once the deal is complete, Redstone will receive a $135 million severance payment and a $45 million payment for her remaining shares in Paramount Global.
Redstone's severance package has raised eyebrows among some corporate governance experts. They argue that the payout is excessive, especially given Paramount Global's recent financial performance.
However, Redstone's supporters argue that she is entitled to the severance payment because she has been a long-time employee of Paramount Global and has made significant contributions to the company.
Redstone's departure from Paramount Global is a major event in the media industry. She is one of the most powerful women in business, and her departure will leave a void at the top of the company.
It remains to be seen who will succeed Redstone as CEO of Paramount Global. The company's board of directors is currently conducting a search for a new leader.
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