Larry Ellison (Shutterstock image)
Oracle Founder Larry Ellison Set to Take Over Shari Redstone’s Controlling Interest in Paramount Global
September 6, 2024
Larry Ellison, the 80-year-old billionaire founder of multinational computer technology corporation Oracle, is set to assume the 77.5% ownership stake in Paramount Global held for decades by Shari Redstone’s family-owned National Amusements Inc., once the merger acquisition is consummated in the first half of 2025.
Ellison, whose son David Ellison and his Skydance Media acquired Paramount for $8 billion this year, through his Pinnacle Media company will take over the controlling stake, while David Ellison (and former NBCUniversal CEO Jeff Shell will run Paramount), according to an FCC public notice document determining the ““the public interest, convenience, and necessity” of the transaction.
The remaining ownership stake will be held by RedBird Capital Partners, a private equity fund that backs Santa Monica, Calif.-based Skydance, which says it plans to inject $1.5 billion into the new company. In addition Ellison said the company would “revitalize” 17 local CBS news markets.
Paramount Global assets include CBS, Paramount Pictures, Showtime, Paramount+, Pluto TV, Nickelodeon, BET, Comedy Central and MTV.
The senior Ellison is no stranger to Hollywood. In addition to backing his son’s entertainment ventures, Ellison has financially backed studio/distributor Annapurna, run by his daughter Megan, among other interests.
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In the meantime, Paramount is being led by the “Office of the CEO,” which includes George Cheeks, CEO of CBS; Chris McCarthy, CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; Brian Robbins, CEO of Paramount Pictures and Nickelodeon; and CFO Naveen Chopra.
In the most-recent fiscal filing, Paramount disclosed the write-down of nearly $6 billion in its cable TV assets, along with a planned 15% downsizing of its global workforce.