Shari Redstone receives fewest votes in Paramount board election

(Reuters) – Paramount Global’s majority shareholder Shari Redstone received the fewest votes among other directors in the company’s board election, according to a document released on Friday.

Redstone received 32.2 million votes for his election to the board, the lowest among the six candidates, while also receiving the most votes against his election, more than 905,000.

Paramount’s annual shareholder meeting was held Tuesday, where the company’s co-CEOs presented a restructuring plan that included $500 million in annualized cost cuts, potential asset sales and a possible joint venture or other partnerships for its Paramount+ streaming service.

The company is struggling with the decline of its traditional television business, while the video streaming service it launched to capture viewers has yet to recover lost revenue.

Paramount and independent studio Skydance Media have been negotiating a merger of the two companies for months.

Skydance CEO David Ellison reduced his initial $2.5 billion offer for National Amusements, which owns the Redstone family’s stake in Paramount, to provide additional liquidity to the company’s non-voting shareholders , Reuters reported on Tuesday, citing sources.

Redstone was unhappy with the reduced offer, opening the way for competing bidders to make their case.

(Reporting by Zaheer Kachwala in Bangalore; editing by Maju Samuel)

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