New Paramount CEO David Ellison and president Jeff Shell will be eligible for salaries of no less than $3.5 million and an annual target bonus of $1.5 million, according to a new 8-K filing with the U.S. Securities and Exchange Commission on Thursday.
Meanwhile, chief operating strategy officer Andy Gordon is eligible for a minimum salary of $2.8 million and a bonus of $1.2 million.
The trio have also been granted restricted stock awards, covering 5 million shares of Class B common stock for Ellison and Shell and 4 million shares for Gordon. The sign-on RSUs vest in equal quarterly installments over a five-year period, subject to the applicable executive’s continued employment and will vest in full upon a change in control of Paramount Skydance Corporation. Ellison is also entitled to receive company-paid personal security services.
If any of the three executives are terminated “without cause” or for “good reason,” they will be entitled to an amount in cash equal to two times the sum of their then-current base salary and target bonus, payable in substantially equal installments for 24 months following termination and any unpaid bonus for the fiscal year ending immediately prior to the fiscal year in which the date of termination occurs. They’d also be entitled to accelerated vesting of their sign-on RSUs and company-subsidized health and dental benefit coverage for up to 24 months following the date of termination.
Shari Redstone will receive $1.75 billion in cash for the controlling stake in her holding company, National Amusements.
Of the two departing co-CEOs, Paramount Pictures head Brian Robbins was paid out more than his TV counterpart Chris McCarthy. Robbins was paid $19.6 million last year and will receive a $18.6 million change in ownership payment this year in addition to his annual pay. McCarthy, the TV chief who led the expansion of the “Yellowstone” universe, was paid $19.5 million last year and will receive $18.3 million on top of his 2025 pay tied to the ownership change.
Former co-CEO George Cheeks is the only one of the chief executive trio that will stay on with New Paramount. In his new role, he will be the chairman of TV media following his tenure overseeing CBS and its assets. He received the highest salary among his co-CEOs last year with $22.1 million.
Skydance Media officially closed its $8 billion merger with Paramount Global on Thursday. Shares of the combined company will now begin trading on the Nasdaq under the ticker symbol PSKY.
New Paramount will reorganize into three units: Studios, Direct-to-Consumer and TV/Media. Ellison plans to transition the entire company to a single technology platform to reduce spend, with Paramount+ and Pluto TV set to be on a unified tech stack next year. They will also look to achieve efficiencies in areas including labor, real estate, procurement and workflow, with a goal of exceeding the previously announced $2 billion in cost savings.
As for CBS News, New Paramount said it would look to continue fostering a newsroom culture where journalists are “empowered, trusted and equipped to do their best work.”
The merger comes after Paramount settled with President Donald Trump for $16 million over CBS News’ “60 Minutes” interview with Kamala Harris. The settlement contained no apology requirements, despite Trump’s suggestion of related PSAs to come.
