Tech billionaire Larry Ellison will reportedly take control of CBS parent company Paramount Global after Skydance Media completes its acquisition of the Redstone family's stake in the film and TV company.
According to a filing with the Federal Communications Commission, the Oracle co-founder will own 77.5% of National Amusements, Paramount's controlling shareholder, through a trust and a series of legal entities. The story was first cited by Bloomberg News on Thursday..
Skydance CEO Larry's son, David, will become chairman and CEO of Paramount and will have an operating interest in the business, a Skydance spokesman told Bloomberg.
Skydance Media closed a deal to acquire Paramount Global in July after a complex, two-step process. Larry is the world's fourth-richest person with a net worth of $176 billion. According to Forbes — He put his financial resources into the proposal.
According to the filing, the Ellisons intend to “protect and enhance the traditions” of the CBS network.
Skydance Media did not immediately respond to a request for comment.
The Ellisons and their partners, RedBird Capital Partners, are buying National Amusements for $2.4 billion and plan to invest more than $6 billion in Paramount to acquire shares and reduce debt.
Once the acquisition is complete, Redbird founder Jerry Cardinale will own 22.5% of National Amusements through RB Tentpole LP, a limited liability partnership, according to the filing.
David and his financial partners, which include scandal-ridden former NBCUniversal president Jeff Shell, have said they intend to implement a massive, $2 billion cost-cutting plan at Paramount in order to buy the company.
Shell, who was fired last year after admitting to an inappropriate relationship with Hadley Gamble, a former CNBC anchor who was 16 years his junior, joined Redbird and is set to become president of Paramount once the merger is complete.
The decision to sell Paramount Global, which owns networks including CBS, Nickelodeon, MTV and Comedy Central, marks the end of a decades-long family dynasty.
Shari Redstone, 70, the daughter of media mogul Sumner Redstone, oversaw the multibillion-dollar merger of CBS and Viacom in 2019 and became the conglomerate's chairwoman, reuniting her father's companies after they were split up in 2006.
