The annual meeting of Paramount's leadership team will reveal job cuts and streaming JV plans.

• On Tuesday, Paramount's leadership will reveal a plan for the company's future if a sale does not occur at the annual shareholder meeting.
• This week, CNBC reported that Paramount and Skydance have reached an agreement on merger terms, but the deal is still pending approval from controlling shareholder Shari Redstone.
• Since Bob Bakish stepped down, the leadership, consisting of three executives, will devise a plan that involves job reductions and a possible streaming collaboration.

According to a source, the current leadership of the company is preparing to present a plan at the annual shareholder meeting on Tuesday in case a sale of the company does not occur.

The "Office of the CEO," consisting of CBS CEO George Cheeks, Paramount Media Networks CEO Chris McCarthy, and Paramount Pictures CEO Brian Robbins, will present Paramount's go-forward plan. The trio will outline strategic priorities, including exploring streaming joint venture opportunities with other media companies, cutting $500 million in costs, and divesting non-core assets, a source said, who requested anonymity because the details are confidential.

The merger agreement between Paramount and a consortium consisting of David Ellison's Skydance Media and private equity firms RedBird Capital and KKR was reported by CNBC on Monday. However, the deal is still pending approval from Paramount's controlling shareholder, Shari Redstone, who owns National Amusements and holds 77% of class A Paramount shares.

Redstone has consistently supported the "Office of the CEO" leadership team that has been running the company since former CEO Bob Bakish left in late April.

On Tuesday, Paramount Global shareholders will hear a plan that will serve as Redstone's backup option if she decides not to sell.

Paramount intends to inform investors about inbound interest for a streaming joint venture involving Paramount+, which has over 70 million subscribers but still incurs losses.

With the aim of reducing Paramount's debt and restoring its investment grade rating, strategies are being developed. This year, S&P Global Ratings downgraded the company's credit rating to junk status.

This story is developing. Please check back for updates.