As a seasoned observer of the ever-evolving media landscape, I find myself reflecting on the departure of Charles Phillips from Paramount Global’s board. A man with an impressive background at Oracle and a knack for navigating complex deals, Phillips played a pivotal role in the company’s sale to Skydance Media.
Charles Phillips, a member of Paramount Global’s board, who oversaw the special committee tasked with assessing potential business deals, has decided to part ways with the company.
On Friday, Paramount announced that Philipps was stepping down, revealing in a securities filing that Philipps had informed the board of his decision earlier this week, with the separation to take place at the end of October.
As October 31, 2024, approaches, I find myself stepping down from my role as a member of the Paramount Board of Directors. With Recognize readying to debut a new fund next month, the demands of growth and expansion have become more pressing, leaving fewer hours for external obligations. It has been truly rewarding to be part of Viacom, ViacomCBS, and now Paramount’s boards in this vibrant industry. I extend my best wishes to the company and all its dedicated employees as they embark on their future endeavors.
Phillips played a key role in Paramount’s final sale to David Ellison’s Skydance Media. Previously working as an executive at Oracle, Phillips initially showed reservations about the transaction, catching some by surprise. However, Skydance’s revised proposition, which offered incentives for regular Class B shareholders within Paramount, eventually won over Phillips. He expressed that this new agreement provided “both immediate benefits and potential future growth opportunities” for shareholders.
It’s not shocking that Phillips is leaving, given Skydance is set to assume control of the company next year. However, his departure comes after a challenging year, marked by significant changes within the boardroom. These alterations were partly due to the ongoing sale process and the executive reshuffles that led to the exit of the previous CEO, Bob Bakish.
Back in the early part of this year, I found myself among a group of fellow Paramount Board members who announced our intention not to seek re-election.
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2024-10-18 16:55