Paramount Global nominates three board directors as Skydance merger awaits approval

(Reuters) – Paramount Global on Monday appointed three new directors, attempting to raise the board’s strength to seven as it awaits regulatory approval for a $8.4 billion merger with Skydance Media.

Paramount has appointed Mary Boys of Roan Saragou Licht, a lawyer at Boys Schiller Flexner LLP, co-founder and general partner of Almaz Capital, and Mary Boys of Roan Saragou Licht, former Justice at Boston University and adjunct professor at Roger Williams University.

US President Donald Trump filed a $10 billion lawsuit against Paramount-owned CBS News in October, claiming that the network would “tide on a scale that favors Democrats” in the election, a seemingly compilation of an interview with then-presidential and presidential candidate Kamala Harris.

According to some analysts, Trump’s lawsuit is considered a major obstacle to the top ski dance merger.

Mergers must approve the transfer of CBS’s broadcast television licenses, which require approval from the Federal Communications Commission, which is authorized to the transaction.

Paramount, chaired by Shari Redstone, reportedly provided $15 million to settle the lawsuit.

Trump raised his damages claim to $20 billion in February.

The Wall Street Journal reported last week that the company wants to secure a full board of directors in case negotiations are made with Trump to settle his lawsuit.

Paramount is scheduled to hold its annual shareholders meeting on July 2nd.

(Reporting by Harsita Mary Valghese of Bengaluru, edited by Pooja Desai)