The trio of executives who form the “Office of the CEO” at Paramount Global have secured improved compensation deals as they remain in their roles during the ongoing merger process with Skydance Media, which is expected to conclude in the first half of 2025. The group, consisting of co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins, had already been granted a pay boost equivalent to twice their annual salaries, along with additional benefits.
A new securities filing disclosed by Paramount on Tuesday indicated that this pay increase will continue for the duration of their employment, even if they no longer hold positions within the “Office of the CEO.” The filing also revealed that each co-CEO received additional stock and a bonus in the form of Restricted Share Units (RSUs) valued at $3 million.
In addition, the filing detailed protections for the co-CEOs, ensuring they would continue to receive their enhanced compensation even if they chose to leave the company due to demotion. If their roles were altered in a way that significantly reduced their responsibilities or changed their duties as co-CEOs, the executives would be entitled to resign for “good reason” and retain their current pay structure.
The merger between Paramount Global and Skydance Media was finalized in July after months of negotiation, with Paramount’s controlling shareholder, Shari Redstone, reaching an agreement with David Ellison of Skydance. This merger will combine Skydance, producer of Top Gun: Maverick, with Paramount Global’s vast assets, including Paramount Pictures, CBS, Showtime, Nickelodeon, MTV, and Paramount+. The combined company is expected to have an enterprise value of $28 billion.
The co-CEOs took their positions after the ousting of Paramount chief Bob Bakish in April. Bakish’s compensation in 2023 was valued at $31.3 million, slightly less than what he earned the previous year. Once the Skydance merger is completed, David Ellison is set to become the CEO, while former NBCUniversal executive Jeff Shell will take on the role of president.
As part of the ongoing restructuring, the co-CEOs have been working on a plan to save $500 million for the company. This includes selling off non-core assets and reducing Paramount’s U.S.-based workforce by 15% by the end of the year. As of late September, the executives reported that the layoff process was approximately 90% complete. The cost-cutting measures also involve shutting down Paramount Television Studios, which produces shows like Reacher for Prime Video and Time Bandits for Apple. The productions will be shifted to CBS Studios, a sister label.
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