Paramount Stock Falls With Four Board Members Reportedly Stepping Down Amid Merger Talks

Paramount Global (PARA) shares fell over 4% Wednesday following a report four members of the company’s board will step down soon. 

Board members Dawn Ostroff, Nicole Seligman, Frederick Terrell, and Rob Klieger are expected to resign in the coming weeks, and the company may be announcing the departures in a regulatory filing as early as this week, The Wall Street Journal reported.

Ostroff, Terrell, and Seligman are members of a special committee looking into a potential buyers of Paramount, as controlling stakeholder Shari Redstone reportedly engages in merger talks with David Ellison’s Skydance Media.

The news came just days after large investor Matrix Asset Advisors wrote a letter to the board criticizing the possible Skydance deal as “detrimental” to the company and demanding members reconsider what’s believed to be a $26 billion to $27 billion offer from private equity firm Apollo Management Group that the board turned down.

Paramount Global shares finished 4.3% lower at $10.50 Wednesday. They’ve lost about 27% of their value year to date.