Software billionaire Larry Ellison will assume control of Paramount Global, the parent of CBS, after a group led by his son David completes the purchase of the Redstone family’s stake in the historic film and TV studio.
Larry Ellison, Paramount’s controlling shareholder
According to a regulatory filing first reported by Bloomberg, the $8 billion deal will see Larry Ellison, who reportedly put up more than $6 billion for the deal, own 77.5% of National Amusements, Paramount’s controlling shareholder. The remaining 22.5% will be owned by Gerry Cardinale, head of private-equity firm RedBird Capital Partners.
The deal, which was announced in July, involves Skydance and RedBird acquiring the shares of Shari Redstone’s National Amusements and merging with Paramount Global. The FCC filing was required to obtain approval for the transfer of CBS’s 28 owned-and-operated local TV stations.
David Ellison, Paramount’s chairman and chief executive officer
David Ellison is to serve as Paramount’s chairman and chief executive officer, according to the filing. He will have operational control of the business, according to a spokesperson for Skydance.
Jeff Shell, ex-CEO of NBCUniversal and chairman of RedBird Sports & Media, will become president. The Skydance deal is expected to close in the first half of 2025.
‘The deal will bring significant public interest benefits’
The Skydance group argued in the filing that the deal will bring significant public interest benefits, including an infusion of capital, a strengthened balance sheet, and a highly qualified leadership team. These new resources will substantially strengthen and revitalize the over-the-air television broadcasting services that Paramount provides.
Paramount Global, which owns properties such as CBS, Paramount Pictures, and various cable networks, is currently making major layoffs amid revenue declines. The company announced last month that it is cutting 15% of its U.S. workforce as part of efforts to slash $500 million in yearly costs.
