Larry Ellison takes control of Paramount and replaces Shari Redstone as shareholder

In a move that has sent ripples through the media and entertainment industry, a recent filing with the Federal Communications Commission (FCC) has revealed a significant shift in the ownership structure of Paramount, the parent company of CBS and MTV. This development comes after the announcement of Skydance founder David Ellison's involvement in acquiring Paramount in July.

Ellison Family at the Helm

The FCC document obtained by The New York Times sheds light on the intricate web of companies poised to acquire the majority of Paramount's voting interest currently held by Shari Redstone. Notably, it indicates that Larry Ellison, the tech industry titan and founder of Oracle, is set to assume a pivotal role in this corporate reshuffle. Larry Ellison will replace Shari Redstone as the most influential shareholder in Paramount, thereby exerting substantial control over the conglomerate's operations.

This remarkable revelation not only positions Larry Ellison at the forefront of Paramount's corporate hierarchy but also underscores the expanding influence of the Ellison family in the entertainment sector.

The implications of this transition are far-reaching. The document reveals that Pinnacle Media, an investment vehicle operated by the Ellison family, is poised to acquire a staggering 77.5% of the voting interest currently held by Shari Redstone. The remaining shares will be held by an entity affiliated with RedBird Capital Partners, a firm with vested interests in Skydance.

The magnitude of this acquisition underscores the Ellison family's strategic positioning within the media landscape, signaling their intent to wield considerable influence over Paramount's decision-making processes.