(Reuters) – CBS parent Paramount Global will be controlled by software billionaire Larry Ellison after Skydance Media completes its purchase of the Redstone family’s stake in the film and television company, Bloomberg News reported on Thursday, citing a regulatory filing.
Ellison will own 77.5% of National Amusements, Paramount Global’s controlling shareholder, through a trust and a series of companies, according to a filing with the U.S. Federal Communications Commission, the report said.
David, Skydance’s CEO and Larry’s son, will serve as chairman and chief executive officer of Paramount. He will have 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 complex two-step process, with Oracle Corp co-founder Larry backing the proposal.
Skydance and its business partners, including RedBird Capital Partners, will acquire National Amusements for $2.4 billion in cash.
Skydance will then merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion to Paramount’s balance sheet.
In August, media veteran Edgar Bronfman Jr. withdrew from the race for Paramount, paving the way for Skydance to take control of Shari Redstone’s media empire and ending one of the most chaotic media bidding wars in recent history.
(Reporting by Juby Babu in Mexico City, Editing by Janane Venkatraman)
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