As controlling shareholder Shari Redstone weighs bids to buy Paramount Global, the management team currently running the company laid out plans to cut costs by $500 million annually and partnerships aimed at growing the media giant’s streaming business.
Company executives noted that they could not talk about merger and acquisitions activity at the meeting, but reports suggest that a deal in which Skydance Media would buy the Redstone family holding company for $2 billion is nearly complete. Holders of Paramount’s class-B stock, which has less voting power, will also get paid for a portion of their shares.
