Paramount World is providing $1 million retention bonuses to 2 high executives, contingent on them remaining with the corporate by way of the shut of the Skydance Media merger.
On Thursday, the media conglomerate — father or mother of CBS, Paramount Photos, and cable networks together with MTV and Comedy Central — stated it was granting the $1 million potential money bonuses to Doretha Lea, EVP of world public coverage and authorities relations, and Nancy Phillips, EVP and chief individuals officer. The $1 million bonus represents 100% of every exec’s annual base wage as of November 15, the corporate disclosed in an SEC submitting.
The bonus can be paid to Lea and Phillips in the event that they “stay repeatedly employed and in good standing with the Firm by way of the deadline of the Transaction,” the submitting stated, at which level the $1 million can be paid in a single lump sum.
“The aim of the awards underneath the Transaction Award Program… is to make sure the profitable operation of the Firm through the interval previous to the completion of the Transactions and to advertise the retention of sure key workers by way of the deadline” of Skydance deal, Paramount stated.
Paramount World final month granted its three co-CEOs — George Cheeks, Chris McCarthy and Brian Robbins — a further provision of their employment agreements that will allow them to stop and obtain severance advantages if they’re demoted from their co-CEO roles. The trio of execs additionally had been every granted $3 million in inventory underneath Paramount’s long-term incentive program.
SEE ALSO: Shari Redstone to Exit Paramount Board Following Skydance Deal Shut
