The future of Paramount Global remains uncertain, but the co-CEOs of the company will be just fine however things shake out.
On Monday, Paramount filed with the SEC some compensation details for its new co-chief executives, including the critical detail that all three are now participants in the “Paramount Global Executive Change in Control Severance Protection Plan.”
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All three men also received a cash bonus under the company’s short-term incentive plan of $2,750,000, which will be prorated to their service as co-CEOs.
The change-in-control plan is designed to provide enhanced severance in the event of a sale or other change in control event. The plan includes a pro-rata portion of their target performance bonus, and a 2X multiple of their annual salary, as well as other benefits.
Such plans are meant to keep top executives engaged when a company is in deal talks, guaranteeing a healthy payout if the deal is successful and they execute their duties. Paramount, of course, has held deal talks, both directly and via National Amusements, the Shari Redstone-controlled company that owns most of the voting shares.
Redstone is said to be making up her mind when it comes to potential suitors, be it the consortium led by Skydance and RedBird Capital, or other possible buyers of NAI, including Edgar Bronfman Jr.
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