Billionaire technology and media mogul Larry Ellison will control more than two-thirds of both companies in a megamerger underway between conglomerates Paramount and National Amusements and film production company Skydance.
Ellison has reportedly invested more than $6 billion in the deal, which will give him control of just over 77% of National Amusements, Bloomberg reports. Report on ThursdayHe made the remarks, citing new filings with the Federal Communications Commission.
The deal, announced earlier this summer, will create a combined media company called “New Paramount,” with the merger estimated to be worth about $28 billion.
Ellison is a software mogul, founder of Oracle and one of the richest people in the world. He is known for his large investments in the technology and media sectors. He is also Invested some He has invested some of his assets in social platform X and hosted fundraisers for former President Trump during the past election cycle.
Ellison's son, David, will be chief executive officer of the new company and will oversee national media brands including CBS, Comedy Central and MTV.
