Paramount appoints former DOJ antitrust chief as legal officer

LOS ANGELES - Paramount Skydance Corporation (NASDAQ:PSKY), a prominent player in the media industry with annual revenue of $28.76 billion, has appointed Makan Delrahim as Chief Legal Officer, effective October 6, the media company announced Thursday in a press release. According to InvestingPro data, the company appears undervalued, trading at a price-to-book ratio of 0.44, while maintaining strong liquidity with a current ratio of 1.39.

Delrahim, who previously served as Assistant Attorney General overseeing the U.S. Department of Justice’s Antitrust Division, joins Paramount from law firm Latham & Watkins LLP, where he advised clients on transactions, regulatory compliance, and litigation.

The new legal chief provided counsel to Skydance Media during its acquisition of Paramount. In his new role, Delrahim will oversee all legal, regulatory, compliance and public policy matters for the company, including the Government Relations team.

"Makan brings a strategic mindset and a strong track record of navigating complex, cross-sector challenges," said David Ellison, Chairman and CEO of Paramount.

Delrahim said, "I’m honored to join Paramount at such a dynamic and transformative time for the media industry."

Prior to his private practice, Delrahim led the DOJ’s Antitrust Division where he oversaw merger reviews and restructured the division to create specialized sections for media, entertainment, and financial services. His government experience also includes roles at the White House, U.S. Senate Judiciary Committee, and Office of the United States Trade Representative.

Stephanie Kyoko McKinnon, who has been serving as the company’s General Counsel and Acting Chief Legal Officer, will continue as General Counsel and report to Delrahim.

Delrahim holds degrees from Johns Hopkins University, George Washington University Law School, and the University of California, along with certificates in Machine Learning and Blockchain from MIT’s Sloan Graduate School of Management.

In other recent news, Paramount Skydance is reportedly preparing a bid for Warner Bros. Discovery, with a potential offer ranging between $22 and $24 per share, as reported by CNBC. This development remains speculative, with the formal offer expected to be delayed. Meanwhile, Paramount Skydance has expanded its board of directors by appointing Dennis K. Cinelli, Chief Financial Officer at Scale AI, as an independent director. Additionally, the company has appointed Dane Glasgow, a former Meta executive, as Chief Product Officer to lead product vision and strategy.

In related developments, Senator Elizabeth Warren has voiced strong opposition to the potential merger between Paramount and Warner Bros. Discovery, expressing concerns over media concentration. The merger rumors have also led to a notable increase in stock activity, with Paramount Skydance’s stock rising approximately 7%. Warner Bros. Discovery shares saw a significant increase of over 25%, reflecting investor reactions to the potential consolidation. Benchmark has maintained its Buy rating on Paramount Skydance, setting a price target of $16.00.

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