An amended FCC filing by Skydance has revealed that David Ellison will hold 100% of the Ellison family’s voting interest in Paramount Global once the deal closes. The clarification comes amid possible concerns over control residing with his father, Oracle co-founder and CEO, Larry Ellison.
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| Michael Kovac / Getty Images / Paramount |
A previous version of the filing, which regards the transfer of broadcast licenses for nine television stations, showed Lawrence J. Ellison at the top of a chart detailing Paramount’s post-transaction ownership structure. Skydance, with partner RedBird Capital, cemented a merger agreement with Shari Redstone in August and the deal is expected to close in the first half of next year. Larry Ellison is the main backer of Skydance and investor in the Paramount acquisition and the family will control the majority — 77% — of the merged company.
The revised FCC filing today clarifies the manner in which the Ellison family will exercise control over what is called the New Paramount and the voting interests of NAI, or National Amusements, the Redstone family holding.
Specifically, post closing, David Ellison’s role will be New Paramount’s chair and chief executive, and sole manager of the Ellison family entities (Hikouki, LLC, Furaito, LLC, and Aozora, LLC), through which the Ellison Family will own and control NAI and New Paramount.
As sole manager of these entities, “David Ellison will hold 100 percent of the Ellison Family’s voting interests in NAI and New Paramount, in addition to serving as New Paramount’s Chairman and CEO,” the filing read.
Redstone began shopping Paramount last year and entertained a number of potential suitors in a drawn out process that came to a head in late summer with Skydance emerging victorious. Father and son are close and Oracle is expected to be an active partner in shaping David Ellison’s stated vision of an entertainment company that’s a media-technology hybrid.
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Originally published: November 01, 2024.
Original source: Deadline.
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