Tech billionaire Larry Ellison will become the controlling shareholder of Paramount Global when it is acquired by his son David’s Skydance Media, according to a filing with the US Federal Communications Commission (FCC).
Assuming the deal goes through, Oracle Corporation Co-Founder Ellison will own 77.5% of Paramount’s parent company National Amusements through a trust and several corporations.
The remaining 22.5% will be owned by Gerry Cardinale, Founder of private equity firm RedBird, the other company backing the Skydance takeover deal and the joint parent of production and distribution group All3Media.
Larry’s son David will serve as Paramount’s Chairman and CEO and will have operational control of the business.
Paramount Global is the owner of assets including movie studio Paramount, US broadcaster CBS, cable networks and brands such as Nickelodeon, MTV and BET, streaming services Paramount+ and Pluto TV and international linear channels such as Channel 5 in the UK and Australia’s Network 10.
Skydance signed a deal in July to acquire Paramount in a two-part process. Skydance and its deal partners, including RedBird Capital Partners, will acquire National Amusements for $2.4bn in cash. Skydance will subsequently merge with Paramount, offering $4.5bn in cash or stock to shareholders and providing an additional $1.5bn for Paramount’s balance sheet.
The transaction is expected to close in the first half of 2025, with the new company to be called New Paramount.
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