(Bloomberg) -- Paramount Global is promising to pay its heads of government relations and human resources $1 million retention bonuses tied to the pending merger with Skydance Media.
The awards to Doretha F. Lea, executive vice president for global public policy and government relations, and Nancy Phillips, executive vice president and chief people officer, are meant to ensure the successful operation of the company prior to the completion of the transaction, according to a regulatory filing Thursday.
The parent of CBS, MTV and other media businesses is in the process of merging with David Ellison’s Skydance in a deal expected to close in the first half of next year. Retention bonuses are common in businesses undergoing major changes. The new bonuses will be payable on the closing date.
Last month, Paramount gave its three co-chief executive officers $3 million share grants and said they would continue to receive their annual cash bonuses, even if they are no longer with the company.
Paramount announced plans this year to eliminate about 2,000 jobs to cut costs and boost profitability as the industry shifts to streaming from traditional TV.
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