The executives that comprise the “Office of the CEO” at Paramount Global are getting a sweetened deal to stick around during the limbo ahead of the company’s merger with Skydance Media, which isn’t expected to close until sometime in the first half of 2025.
That Paramount co-CEO trio — George Cheeks, Chris McCarthy and Brian Robbins — were earlier granted a 2X multiple of their unspecified annual salary, as well as other benefits. Now the company, in a securities filing disclosed on Tuesday, says that pay increase will continue to apply during duration of employment at the company, even if the executives are no longer part of the “Office of the CEO.”
The new securities filing also detailed that the trio also received extra stock and a bonus of Restricted Share Units with a grant value of $3 million.
Paramount’s Compensation Committee also gave the co-CEOs protection to receive their pay even if they decide to leave the company if they’re demoted. The filing states that if the execs are assigned “duties or responsibilities substantially inconsistent with his position or duties as co-CEO, or a material reduction in such position or duties” they can “resign for ‘good reason’” and be entitled to the current compensation structure.
After months of negotiation, Paramount Global controlling shareholder Shari Redstone inked a deal with David Ellison and Skydance Media in July to merge in an agreement that would bring together the producer of Top Gun: Maverick with the owner of Paramount Pictures, CBS, Showtime, Nickelodeon, MTV, Paramount+ and other assets. The companies estimate that this New Paramount would have an enterprise value of $28 billion.
The co-CEOs were upped after Paramount chief Bob Bakish was ousted in April. Bakish, in 2023, saw a compensation package worth $31.3 million, down slightly from what the exec had made a year prior. When the Skydance deal closes, Ellison will take the CEO title and former NBCUniversal executive Jeff Shell will take the president title.
As part of the restructuring, the co-CEOs have outlined a plan to find $500 million in cost-savings at the company, sell off non-core assets and cut 15 percent of its U.S.-based workforce by the end of the year. (As of late September, the executives said that layoff process was about “90 percent” complete.)
The belt-tightening plan also included the shuttering of Paramount Television Studios — which produces Prime Video’s Reacher, Apple’s Time Bandits — with shows moving to sister label CBS Studios.