(Reuters) – CBS’s parent company Paramount Global will come under the control of software billionaire Larry Ellison after Skydance Media completed its purchase of the Redstone family’s stake in the film and TV company, Bloomberg News reported on Thursday, citing a regulatory filing.
According to a filing with the U.S. Federal Communications Commission, Ellison will own 77.5% of National Amusements, Paramount Global’s largest shareholder, through a trust and a series of companies, the report said.
Skydance CEO and Larry’s son David will serve as Paramount’s chairman and CEO, with operational control of the company, a Skydance spokesperson told Bloomberg.
Paramount Global and Skydance Media did not immediately respond to Reuters’ requests for comment.
Skydance Media signed a deal in July to acquire Paramount Global in a complicated two-step process. Oracle Corp. co-founder Larry supported the move.
Skydance and its partners, including RedBird Capital Partners, are acquiring National Amusements for $2.4 billion in cash.
Skydance will then merge with Paramount and offer shareholders $4.5 billion in cash or stock, bolstering Paramount’s balance sheet by $1.5 billion.
In August, media veteran Edgar Bronfman Jr. dropped out of the race for Paramount, leaving Skydance to take control of Shari Redstone’s media empire, ending one of the most chaotic media bidding wars in recent history.
(Reporting by Juby Babu in Mexico City; Editing by Janane Venkatraman)
