Paramount names Dennis Cinelli CFO as Warner Bros. takeover battle with Netlfix intensifies

Paramount has appointed board member Dennis Cinelli as its new chief financial officer, filling the role on a permanent basis as the media group continues its aggressive push to take control of Warner Bros. Discovery.

Cinelli, who has previously held senior finance roles at Uber Technologies and Scale AI, will step down from Paramount’s board to take on the CFO position. He replaces Andrew Warren, who had been serving as interim CFO and will now remain associated with the company as a strategic adviser, the company said on Wednesday.

The leadership reshuffle comes at a crucial moment for Paramount, which is locked in a high-stakes takeover contest for Warner Bros. The company has put forward a $30-per-share bid for the Hollywood studio, an offer that has so far been repeatedly rejected. Paramount has since escalated the battle by launching a proxy fight to nominate its own slate of directors to Warner Bros.’ board, setting the stage for one of the most closely watched corporate confrontations in the global entertainment industry. Netflix is also competing for the asset.

Alongside the CFO appointment, Paramount said it has named Andrew Campion, currently chairman and chief executive officer of Unrivaled Sports, as an independent director.

Shares of Paramount were little changed in extended trading following the announcement.