Paramount appoints new CFO amid Warner Bros. takeover battle
What's the story
Paramount has announced the appointment of Dennis Cinelli as its new Chief Financial Officer (CFO). Cinelli, a board member at Paramount, will take over from interim CFO Andrew Warren. The move comes as Paramount continues its aggressive takeover bid for Warner Bros. Discovery Inc., a battle it is waging against Netflix, a significant competitor in the context of the takeover bid.
Career history
Cinelli's background and future role
Cinelli comes to Paramount with a wealth of experience from his previous stints at Uber Technologies and Scale AI. As part of the transition, Cinelli will step down from his position on Paramount's board. Meanwhile, Warren will continue to serve the company as a strategic adviser, despite being replaced as CFO.
Takeover details
Paramount's ongoing takeover bid for Warner Bros.
Paramount is currently engaged in a fierce takeover battle for Warner Bros., with its $30-per-share offer being rejected multiple times. The company has also launched a proxy fight to nominate directors to the studio's board. This aggressive strategy highlights Paramount's determination to gain control of one of Hollywood's most iconic companies amid stiff competition from Netflix.