Paramount Global board member Charles Phillips, who raised questions about Skydance Media’s offers during the companies’ months-long merger saga, is resigning from the board.
In an SEC filing Friday morning, the company said Phillips had tendered his resignation on Monday. It takes effect at the end of the month.
“As my firm Recognize launches a second fund next month, the expansion and growth unfortunately leave less time for outside commitments,” Phillips wrote in his resignation letter. “It’s been an honor to serve on the Viacom, ViacomCBS, and Paramount boards in a dynamic industry. I wish the company and its many talented employees well in the future.”
Phillips previously had worked for Oracle, which Skydance backer Larry Ellison co-founded and currently chairs. Ellison’s son, David, runs Skydance and will be CEO of the combined Skydance-Paramount entity when that merger closes in the first half of 2025.
Some observers of and participants in the merger deliberations raised concerns about a potential conflict of interest on Phillips’ part due to his background at Oracle. After rising to the post of President and also serving on Oracle’s board, Phillips reportedly had a falling-out with Ellison and left the tech company in 2010.
Ellison and RedBird Capital are helping fund Skydance’s $8 billion investment in a two-step deal to take over Paramount. Paramount’s controlling shareholder, Shari Redstone, evaluated offers for the company over many months before the Skydance arrangement was finalized. Sony Pictures Entertainment, Apollo Global Management, Barry Diller and Byron Allen were among others who expressed interest along the way. An investment group led by Edgar Bronfman Jr. came forward with an alternate bid during the 45-day “go-shop” period provided for in the Skydance deal, but that effort ultimately was withdrawn.
