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Tag: Shari Redstone

  • Paramount Global get $11 billion buyout offer from Apollo Global

    Paramount Global get $11 billion buyout offer from Apollo Global

    MUMBAI: Even as the dust is settling on the $517 million Viacom18 television stake sale deal between Reliance and US media behemoth Paramount Global, comes the news that the latter itself is the target of a a buyout offer. The Wall Street Journal has reported that private equity firm Apollo Global Management, has made a $11 billion offer to the buy the film and television studio. 

    This is not the first acquisition offer that a reluctant controlling shareholder Shari Redstone has received. Earlier, the David Ellison-controlled production company Skydance Media had  proposed to buy Paramount parent National Amusements and fuse it with his firm as a whole. Skydance had bid in excess of $4 billion for a 70 per cent stake. Ellison’s offer – which plans to keep all the studio  assets but sell off the rest – is still on the table.

    Paramount Global’s assets include Paramount Pictures, broadcaster CBS, Viacom cable networks including MTV as well as PlutoTV. The media conglomerate has a current valuation in excess of $7.7 billion. 

    Earlier this month, Paramount’s chief financial officer Naveen Chopra had dismissed any move towards selling the company at a Morgan Stanley media conference. “From management’s perspective, we are focused on execution. And we believe the continued execution of our plan will unlock value. We’re very conscious of the fact that our job as management is to create value for all of our shareholders…To the extent that there are other alternatives, we’ll be diligent about exploring them,” he had said. 

    The company has been grappling with the changing dynamics of content consumption under CEO Bob Bakish. In its latest quarter overall revenue shaved six per cent year-on-year to $7.64 billion, worse than an expected $7.9 billion. TV media revenue and filmed entertainment revenues respectively fell 12 per cent to $5.17 billion and 31 per cent to $647 million. The saving grace was direct to consumer revenues which rose 34 per cent to $1.87 billion.

    “Our disciplined execution and strong content offering drove our results in 2023, as we continue to evolve our business for profitable growth in 2024 and beyond. In Q4, Paramount+ revenue increased 69 per cent,  direct to consumer adjusted Operating income before depreciation and amortization (OIBDA) improved for the third consecutive quarter, and we now expect to reach domestic Paramount+ profitability in 2025 – a significant milestone,” Bakish had told shareholders at the time of the earnings release. “Looking ahead, we continue to be focused on maximizing the return on our content investments and scaling streaming, while transforming the cost base of our business. And I couldn’t be more thrilled with the early momentum we’ve had across every platform in 2024, demonstrating the power of our strategy and assets.”

  • ViacomCBS rebrands to Paramount; unveils global expansion plans for Paramount+

    ViacomCBS rebrands to Paramount; unveils global expansion plans for Paramount+

    Mumbai: ViacomCBS has announced that it will rebrand to become Paramount Global effective from 16 February.

    In addition to the name change, the media company has detailed plans to accelerate the global momentum behind Paramount+, unveiling new content, enhanced product offerings and continued international expansion at its investor event.

    “Paramount is an idea: A promise to be the best,” said the non-executive chair of the company’s board of directors Shari Redstone. “That promise has always been at the center of what we aspired to build as the steward of more than a century of cinematic excellence, and with businesses and brands that have defined and redefined entertainment for generation after generation. We have made enormous progress, and I have never been more excited about the future of this company.

     

     

    Paramount+ will make its debut in France as an exclusive bundle with CANAL+ Group giving subscribers immediate access through the country’s largest provider. Paramount+ will also be available on an a la carte and direct-to-consumer basis in the French market.

    With Paramount+ and SkyShowtime, the global media company will have streaming services available in more than 60 markets across the UK, Latin America, Canada, Australia, South Korea, the Caribbean and all major markets in Europe by the end of this year. In 2023, the company will look to Asia, Africa and the Middle East, building on Paramount+’s strong momentum to grow its presence in every region of the world.

    Additionally, Paramount+ subscribers in the US will be able to upgrade their subscription to a bundle that includes the Showtime service through two plans, starting in summer.

    The company added 9.4 million global streaming subscribers in the fourth quarter of 2021 led by Paramount+ to add up to 56 million total subscribers and 84 per cent growth in streaming subscription revenue. Its streaming revenues for the quarter stood at $1.3 billion a growth of 48 per cent year-on-year. Its streaming revenue for 12 months ended on 31 December 2021 stood at $4.19 billion.

    “Paramount’s iconic peak represents a rich history for our company as pioneers in the golden age of Hollywood. Today, as we embrace the Paramount name, we are pioneers of an exciting new future,” said president and chief executive officer Bob Bakish.

    “We see a huge global opportunity in streaming, a much larger potential market than can be captured by linear TV and film alone,” continued Bakish. “We’re excited about our ability to not just compete, but thrive, creating significant value for both consumers and shareholders. How? Because we’re broader in four key areas: our diverse content, streaming model, a mix of platforms and global reach. As we look forward, the size of the opportunity we see is matched only by our ambition to seize it.”

    “We are continuing to leverage our global footprint and long-standing relationships to expand Paramount+ into new markets with enormous potential quickly and economically,” commented president and CEO streaming Tom Ryan.

  • Merger talks on the anvil once again for CBS, Viacom

    Merger talks on the anvil once again for CBS, Viacom

    MUMBAI: Coming on the heels of the Fox-Disney merger, CBS Corporation and Viacom Inc are inching toward formally exploring a corporate reunion of the two halves of the Redstone media empire.

    According to a Variety.com report, there is less opposition within CBS this time around compared to the last attempt by CBS/Viacom vice chairman Shari Redstone to bring the two companies back together in the fall of 2016. The early rumblings are that CBS would acquire Viacom in an all-stock transaction.

    There are still big hurdles to clear in terms of valuation for Viacom, given the systemic concerns around its lower-profile U.S. cable networks, but there is also an understanding that the media landscape is changing fast and the potential for the two sides to work together on international growth initiatives provides rationale for a reunion. Viacom’s share price has also tumbled further during the past year, making a deal more attractive on a financial basis for CBS shareholders. As of Thursday, Viacom had a market cap of $13.8 billion, with shares closing at $33.61. CBS is valued at $22.7 billion, with shares closing at $59.27.

    Sources close to the situation emphasise that neither side has yet engaged bankers or advisers to hammer out an agreement. But CBS Corp. CEO Leslie Moonves and Viacom CEO Bob Bakish have had at least one discussion about the possibility of merging, according to a Reuters report Thursday.

    CBS and Viacom were first brought together in 2000 by Sumner Redstone, now chairman emeritus of both firms. The two were split up again in January 2006 out of Sumner Redstone’s frustration with a sagging stock price.

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  • Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    MUMBAI: The Board of Directors of Viacom Inc. (NASDAQ: VIAB, VIA) announced today that it has discontinued the exploration of a potential combination with CBS following receipt of National Amusements’ letter and request, and dissolved the Special Committee that was formed to evaluate a potential transaction. It has appointed Bob Bakish as President and Chief Executive Officer and as a member of the Board, effective immediately.

    Bakish has served as the acting president and the chief executive officer of Viacom since 15 November 2016. He held leadership positions throughout the organization since joining in 1997, most recently serving as President and Chief Executive Officer of Viacom International Media Networks prior to his Acting CEO role.

    Board chairman Tom May said, “In Bob’s short time as Acting President and CEO he has impressed the Board of Directors with the decisive steps he has taken. He has moved quickly to deliver upon the mandate given to him – to maximize Viacom’s potential as a strong, growing and independent company. We have great confidence in Bob’s strategic vision and his ability to move forward aggressively to position Viacom for the future.”

    Board vice chair Shari Redstone said, “I am very excited by the strategy Viacom is pursuing under Bob’s leadership, as well as the relentless hard work and passion he has demonstrated not only in his fast start at the helm but in his many years at the company. While there is much work to do, I firmly believe that Viacom has a bright future, and that confidence is underpinned by senior management’s commitment to innovation and a more coordinated, global approach to managing our brands.”

    Bakish said, “I am honored to be chosen by the Board to lead Viacom, its world-class brands and exceedingly talented people. I believe unequivocally in this company and its potential to create new opportunities and drive greater value as our business evolves and our industry transforms. We’ve been working very quickly to mobilize the organization, reenergize our culture and address our areas of greatest need. I look forward to continuing to work closely with the Board and our team to build on this momentum, and will share more on our plan and path forward in the New Year.”

  • Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    Viacom regularises Bob Bakish as CEO; discontinues potential combination with CBS

    MUMBAI: The Board of Directors of Viacom Inc. (NASDAQ: VIAB, VIA) announced today that it has discontinued the exploration of a potential combination with CBS following receipt of National Amusements’ letter and request, and dissolved the Special Committee that was formed to evaluate a potential transaction. It has appointed Bob Bakish as President and Chief Executive Officer and as a member of the Board, effective immediately.

    Bakish has served as the acting president and the chief executive officer of Viacom since 15 November 2016. He held leadership positions throughout the organization since joining in 1997, most recently serving as President and Chief Executive Officer of Viacom International Media Networks prior to his Acting CEO role.

    Board chairman Tom May said, “In Bob’s short time as Acting President and CEO he has impressed the Board of Directors with the decisive steps he has taken. He has moved quickly to deliver upon the mandate given to him – to maximize Viacom’s potential as a strong, growing and independent company. We have great confidence in Bob’s strategic vision and his ability to move forward aggressively to position Viacom for the future.”

    Board vice chair Shari Redstone said, “I am very excited by the strategy Viacom is pursuing under Bob’s leadership, as well as the relentless hard work and passion he has demonstrated not only in his fast start at the helm but in his many years at the company. While there is much work to do, I firmly believe that Viacom has a bright future, and that confidence is underpinned by senior management’s commitment to innovation and a more coordinated, global approach to managing our brands.”

    Bakish said, “I am honored to be chosen by the Board to lead Viacom, its world-class brands and exceedingly talented people. I believe unequivocally in this company and its potential to create new opportunities and drive greater value as our business evolves and our industry transforms. We’ve been working very quickly to mobilize the organization, reenergize our culture and address our areas of greatest need. I look forward to continuing to work closely with the Board and our team to build on this momentum, and will share more on our plan and path forward in the New Year.”

  • Viacom appoints Bob Bakish as acting CEO

    Viacom appoints Bob Bakish as acting CEO

    MUMBAI: So Bob got the job after all. As expected, the board of directors at Viacom yesterday appointed Robert “Bob” Bakish as the acting president & CEO, effective 15 November – the date when the temporary replacement to Philippe Dauman, leaves the company. Bakish also got the additional charge of the Viacom Global Entertainment Group as its president & CEO.

    This new business unit combines Viacom’s International Media Networks division with the company’s Music and Entertainment Group, which houses some of the company’s most iconic brands including MTV, Comedy Central, VH1, Spike and Logo. In addition, TV Land and CMT will join the Global Entertainment Group portfolio under him.

    What this means is that the Indian company Viacom18 Media (its joint venture with Network18 group – now owned by Reliance Industries) will have a direct line to Bakish as it has been doing over the past nine years, ever since he took over the international media networks division. Viacom18 Media is headed by the group CEO Sudhanshu Vats.

    A statement put out by Viacom states that Viacom’s Kids and Family Group will be re-established as the “Nickelodeon Group” to fully focus on building upon the success of the number one media network for kids, and exploit the broad array of growth opportunities in all facets of the kids segment, including recreation and hospitality. BET Networks, home of leading brands among African American adults, will continue to function as a dedicated and separate group.

    Said Viacom board chairman Tom May in the release: “Bob’s record of innovation and achievement at Viacom, combined with his strategic vision and leadership ability, make him highly qualified for this position. We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS. There is a great deal of opportunity ahead and Bob is a superb leader to drive this effort, fully empowered to take the actions necessary to position Viacom for success.”

    Said Viacom vice chairman Shari Redstone: “To be a successful leader in the industry today requires continuous flexibility, a global perspective, a commitment to innovation and an embrace of change. Bob is an exemplary forward thinker who embodies these traits, embraces disruption and brings teams along with him. Under his leadership our great employees will be supported in their efforts to bring world class content and experiences to our audiences, while we continue to drive improvements in Viacom’s financial performance.”

    “I look forward to working closely with the Board of Directors, senior management and our talented and hardworking people around the world to realize the full potential of Viacom’s outstanding assets for the benefit of our audiences, partners and stockholders,” added Bakish. “Content is the lifeblood of our business and my near-term focus will be to nurture our creative output and brands, ensuring they remain distinctive, differentiated and powerful in an increasingly competitive global media landscape.”

    Bakish has been the president and CEO of Viacom International Media Networks, and its predecessor company MTV Networks International, since 2007, with oversight of all of Viacom’s media networks and related businesses outside the US. In this role, he has driven the development of its international portfolio of core TV brands, with MTV and Nickelodeon being joined by Comedy Central, Paramount Channel, BET, Spike and Nick Jr. on pay and free TV platforms worldwide. In addition, Bakish has overseen the creation and growth of the company’s Viacom18 Indian joint venture, which includes the Colors general entertainment networks, as well as the acquisition of Channel 5 in the U.K.

    Under Bakish, the company has consistently grown profitability while expanding its TV, online and geographic footprint. Viacom’s 200 plus TV channels now reach approximately 3.9 billion cumulative television subscribers across more than 180 countries and broadcast in more than 40 languages. Bakish has also overseen the transition from TV to multiplatform distribution, with VIMN significantly growing online engagement with its video content, having launched a range of cutting edge digital properties including the Viacom Play Plex suite of mobile streaming apps that give on-demand access to the best TV content from its brands, all while building its branded presence on 3rd party video-on-demand and social media platforms, with an estimated 850 million fans and followers worldwide.

    Bakish’s growth strategy for VIMN has also involved substantially increasing the amount of original programming produced by Viacom internationally, driven in part by the recently opened Viacom International Studios in Miami, and Channel 5 Productions in the UK. In addition, he has expanded the off-screen presence of VIMN’s brands through live events, stores, theme parks and hotels.Bakish has delivered significant growth in some of the world’s most valuable media markets including established markets like the U.K., Italy and Spain, as well as higher growth markets such as India, Mexico, Brazil, China, Russia and Africa.

  • Viacom appoints Bob Bakish as acting CEO

    Viacom appoints Bob Bakish as acting CEO

    MUMBAI: So Bob got the job after all. As expected, the board of directors at Viacom yesterday appointed Robert “Bob” Bakish as the acting president & CEO, effective 15 November – the date when the temporary replacement to Philippe Dauman, leaves the company. Bakish also got the additional charge of the Viacom Global Entertainment Group as its president & CEO.

    This new business unit combines Viacom’s International Media Networks division with the company’s Music and Entertainment Group, which houses some of the company’s most iconic brands including MTV, Comedy Central, VH1, Spike and Logo. In addition, TV Land and CMT will join the Global Entertainment Group portfolio under him.

    What this means is that the Indian company Viacom18 Media (its joint venture with Network18 group – now owned by Reliance Industries) will have a direct line to Bakish as it has been doing over the past nine years, ever since he took over the international media networks division. Viacom18 Media is headed by the group CEO Sudhanshu Vats.

    A statement put out by Viacom states that Viacom’s Kids and Family Group will be re-established as the “Nickelodeon Group” to fully focus on building upon the success of the number one media network for kids, and exploit the broad array of growth opportunities in all facets of the kids segment, including recreation and hospitality. BET Networks, home of leading brands among African American adults, will continue to function as a dedicated and separate group.

    Said Viacom board chairman Tom May in the release: “Bob’s record of innovation and achievement at Viacom, combined with his strategic vision and leadership ability, make him highly qualified for this position. We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS. There is a great deal of opportunity ahead and Bob is a superb leader to drive this effort, fully empowered to take the actions necessary to position Viacom for success.”

    Said Viacom vice chairman Shari Redstone: “To be a successful leader in the industry today requires continuous flexibility, a global perspective, a commitment to innovation and an embrace of change. Bob is an exemplary forward thinker who embodies these traits, embraces disruption and brings teams along with him. Under his leadership our great employees will be supported in their efforts to bring world class content and experiences to our audiences, while we continue to drive improvements in Viacom’s financial performance.”

    “I look forward to working closely with the Board of Directors, senior management and our talented and hardworking people around the world to realize the full potential of Viacom’s outstanding assets for the benefit of our audiences, partners and stockholders,” added Bakish. “Content is the lifeblood of our business and my near-term focus will be to nurture our creative output and brands, ensuring they remain distinctive, differentiated and powerful in an increasingly competitive global media landscape.”

    Bakish has been the president and CEO of Viacom International Media Networks, and its predecessor company MTV Networks International, since 2007, with oversight of all of Viacom’s media networks and related businesses outside the US. In this role, he has driven the development of its international portfolio of core TV brands, with MTV and Nickelodeon being joined by Comedy Central, Paramount Channel, BET, Spike and Nick Jr. on pay and free TV platforms worldwide. In addition, Bakish has overseen the creation and growth of the company’s Viacom18 Indian joint venture, which includes the Colors general entertainment networks, as well as the acquisition of Channel 5 in the U.K.

    Under Bakish, the company has consistently grown profitability while expanding its TV, online and geographic footprint. Viacom’s 200 plus TV channels now reach approximately 3.9 billion cumulative television subscribers across more than 180 countries and broadcast in more than 40 languages. Bakish has also overseen the transition from TV to multiplatform distribution, with VIMN significantly growing online engagement with its video content, having launched a range of cutting edge digital properties including the Viacom Play Plex suite of mobile streaming apps that give on-demand access to the best TV content from its brands, all while building its branded presence on 3rd party video-on-demand and social media platforms, with an estimated 850 million fans and followers worldwide.

    Bakish’s growth strategy for VIMN has also involved substantially increasing the amount of original programming produced by Viacom internationally, driven in part by the recently opened Viacom International Studios in Miami, and Channel 5 Productions in the UK. In addition, he has expanded the off-screen presence of VIMN’s brands through live events, stores, theme parks and hotels.Bakish has delivered significant growth in some of the world’s most valuable media markets including established markets like the U.K., Italy and Spain, as well as higher growth markets such as India, Mexico, Brazil, China, Russia and Africa.

  • Sumner Redstone pushes for CBS-Viacom merger

    Sumner Redstone pushes for CBS-Viacom merger

    NEW DELHI: The maverick Sumner Redstone, not letting age dim any of his business acumen, is at it again. Earlier this week he sent a strong message to investors and potential takeover tycoons that he favours a merger of American media companies CBS Corp and Viacom Inc.

    Redstone-family controlled National Amusements, the company that owns 80 per cent of voting shares in CBS Corp and Viacom Inc, on Thursday proposed a merger of the two entities saying it would not support the acquisition of either media company by a third party or surrender its control of either firm.

    National Amusements in a letter to both companies’ boards conveyed that a merger would “offer substantial synergies that would allow the combined company to respond even more aggressively and effectively to the challenges of the changing entertainment and media landscape,” a Reuters report, based on information from Bengaluru and New York centres, said, adding both companies acknowledged receipt of the letter.

    Redstone had split CBS from Viacom 10 years ago as investors saw CBS as a slow-moving company catering to an older audience, while Viacom, whose networks include Nickelodeon and MTV, was considered more youthful. But CBS shares have outperformed those of Viacom over the last five years.

    According to the Reuters report, Shari Redstone, Sumner’s daughter and an owner of National Amusements, has favoured recombining CBS and Viacom under the leadership of CBS Chief Executive Officer Leslie Moonves.

    But for a deal to happen, the Redstones will have to assure Moonves he will have full autonomy over the combined entity, Reuters said basing their observations on unnamed sources.

    Industry speculation that the two companies might come together again increased in recent weeks after the Redstones prevailed over a power struggle that resulted in the departure of Viacom Chief Executive Officer Philippe Dauman.

    CBS’s management and independent directors “will take appropriate actions to evaluate what is in the best interest of the company and its shareholders,” a representative told Reuters. Viacom said it expected its board to form a special committee of independent directors to consider this offer.

    In its letter, National Amusements said the optimal deal would be an all-stock transaction giving holders of each company shares in the combined entity of the same class they currently own.

    Any transaction would require the approval of both boards. Sumner and Shari Redstone will not vote on the deal as directors of Viacom and CBS or participate in deliberations, according to the letter. David Andelman, a CBS director, also will not participate in the process, the Reuters report stated.

    It is within National Amusements’ rights to refuse considering any other acquisition of either company, two lawyers familiar with the matter said on Thursday.

    In India, Viacom Inc has a joint venture with Mukesh Ambani-controlled Network18 group christened Viacom18 that oversees TV channels like MTV, Nick and Hindi language entertainment channel Colors.

  • Sumner Redstone pushes for CBS-Viacom merger

    Sumner Redstone pushes for CBS-Viacom merger

    NEW DELHI: The maverick Sumner Redstone, not letting age dim any of his business acumen, is at it again. Earlier this week he sent a strong message to investors and potential takeover tycoons that he favours a merger of American media companies CBS Corp and Viacom Inc.

    Redstone-family controlled National Amusements, the company that owns 80 per cent of voting shares in CBS Corp and Viacom Inc, on Thursday proposed a merger of the two entities saying it would not support the acquisition of either media company by a third party or surrender its control of either firm.

    National Amusements in a letter to both companies’ boards conveyed that a merger would “offer substantial synergies that would allow the combined company to respond even more aggressively and effectively to the challenges of the changing entertainment and media landscape,” a Reuters report, based on information from Bengaluru and New York centres, said, adding both companies acknowledged receipt of the letter.

    Redstone had split CBS from Viacom 10 years ago as investors saw CBS as a slow-moving company catering to an older audience, while Viacom, whose networks include Nickelodeon and MTV, was considered more youthful. But CBS shares have outperformed those of Viacom over the last five years.

    According to the Reuters report, Shari Redstone, Sumner’s daughter and an owner of National Amusements, has favoured recombining CBS and Viacom under the leadership of CBS Chief Executive Officer Leslie Moonves.

    But for a deal to happen, the Redstones will have to assure Moonves he will have full autonomy over the combined entity, Reuters said basing their observations on unnamed sources.

    Industry speculation that the two companies might come together again increased in recent weeks after the Redstones prevailed over a power struggle that resulted in the departure of Viacom Chief Executive Officer Philippe Dauman.

    CBS’s management and independent directors “will take appropriate actions to evaluate what is in the best interest of the company and its shareholders,” a representative told Reuters. Viacom said it expected its board to form a special committee of independent directors to consider this offer.

    In its letter, National Amusements said the optimal deal would be an all-stock transaction giving holders of each company shares in the combined entity of the same class they currently own.

    Any transaction would require the approval of both boards. Sumner and Shari Redstone will not vote on the deal as directors of Viacom and CBS or participate in deliberations, according to the letter. David Andelman, a CBS director, also will not participate in the process, the Reuters report stated.

    It is within National Amusements’ rights to refuse considering any other acquisition of either company, two lawyers familiar with the matter said on Thursday.

    In India, Viacom Inc has a joint venture with Mukesh Ambani-controlled Network18 group christened Viacom18 that oversees TV channels like MTV, Nick and Hindi language entertainment channel Colors.

  • Dust settles at Viacom; Dauman steps down, Dooley is CEO

    Dust settles at Viacom; Dauman steps down, Dooley is CEO

    MUMBAI: It was a sparring match that waged for months. In the red corner was Viacom controlling shareholder Sumner Redstone’s once-estranged-but-now beloved 61 year old daughter Shari Redstone. And in the blue corner was Viacom’s chairman and once Redstone-favourite Philippe Dauman.

    But the match has ended in a victory for the Redstones, with Dauman agreeing to resign as chairman and CEO late Thursday night (US time).

    Replacing him is COO Tom Dooley, another long time Redstone associate, who has been redesignated as president and CEO until the end of the fiscal year on 30 September. And an additional five National Amusements (Redstone holds his 80 per cent of the controlling stock of Viacom and CBS through this company) nominated directors are slated to come on board Viacom.

    Viacom has a corporate roster consisting of Paramount Pictures, Nickelodeon, Comedy Central, MTV and VH1.

    Viacom has been locked in a public scrap ever since Redstone showed Dauman the doors along with board member George Abrams who also had a seat on his trust. But Dauman did not accept his decision and decided to knock on the doors of courts for relief and the legal battle has been waging since then..

    He, however, has some time (he will be at Viacom till September) to complete a transaction that he has been backing : selling 49 per cent stake in Paramount Pictures to the Chinese Wanda group. This is something that has not got a favourbale response from Redstone and his daughter.

    Dauman will also get a handsome severance package of $72 million.

    The five handpicked board members who are coming on to the board include: former Sony Entertainment president Nicole Seligman, Thomas May, chairman of Eversource Energy; ianker nvestment bKen Lerer,; Avis Budget group executive chairan Ronald Nelson, executive chairman of Avis Budget Group; and former Discovery president Judith McHale.