Larry Ellison, the mega-billionaire founder of Oracle, will become the majority owner of National Amusements Inc., the company that controls Paramount Global, following the expected closing of a deal with Skydance Media — led by his son, David Ellison — next year, according to a regulatory filing.
Skydance is close to closing a Paramount deal
Larry Ellison will own 77.5% of National Amusements through Pinnacle Media, a group of three companies formed "as special purpose vehicles to hold the Ellison family's interest in NAI and Paramount," according to an FCC filing, available at this link . The remaining 22.5% of NAI will be owned by Gerry Cardinale, head of private equity firm RedBird Capital Partners, which worked with Skydance and the Ellisons on the NAI/Paramount deal.
The FCC filing disclosing NAI's ownership interests was required because the transaction involves the transfer of CBS's 28 owned-and-operated local television stations. The FCC must approve a transfer of control over television broadcast licenses.
On July 7, after months of on-again, off-again talks, Skydance and RedBird, along with NAI and Paramount Global, announced a binding agreement. The agreement sees the Skydance group purchase the shares of Shari Redstone’s NAI (which owns 77% of the voting rights in Paramount Global) and subsequently merge with Paramount.
