Paramount Global Grants Two Senior Execs $1 Million Bonuses If They Stay on Through Skydance Deal Close

variety.com:

Todd Spangler NY Digital Editor Paramount Global is offering $1 million retention bonuses to two top executives, contingent on them remaining with the company through the close of the Skydance Media merger.

On Thursday, the media conglomerate — parent of CBS, Paramount Pictures, and cable networks including MTV and Comedy Central — said it was granting the $1 million potential cash bonuses to Doretha Lea, EVP of global public policy and government relations, and Nancy Phillips, EVP and chief people officer.

The $1 million bonus represents 100% of each exec’s annual base salary as of November 15, the company disclosed in an SEC filing.

The bonus will be paid to Lea and Phillips if they “remain continuously employed and in good standing with the Company through the closing date of the Transaction,” the filing said, at which point the $1 million will be paid in a single lump sum. “The purpose of the awards under the Transaction Award Program… is to ensure the successful operation of the Company during the period prior to the completion of the Transactions and to promote the retention of certain key employees through the closing date” of Skydance deal, Paramount said.