(Reuters) -Shari Redstone won’t stay on the board of Paramount Global after the company completes its planned merger with Skydance Media, Bloomberg News reported on Monday, citing people familiar with her plans.
Redstone and her son Tyler Korff have the option of joining the board of the new company, but have no intention of doing so, the report said.
Paramount Global and Skydance Media did not respond to Reuters’ requests for comments.
In a two-step process, Skydance and its deal partners first signed a deal in July to acquire National Amusements, which holds the Redstone family’s controlling stake in Paramount, for $2.4 billion in cash.
The company will subsequently merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount’s balance sheet.
David Ellison, the 41-year-old tech scion who founded Skydance, will become chairman and CEO of the new Paramount. Jeff Shell, former chief executive of NBCUniversal, will be its new president.
(Reporting by Nilutpal Timsina in Bengaluru; Editing by Varun H K)
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