Larry Ellison to Control Paramount with 77.5% Stake in National Amusements After $8 Billion Deal

Sep 5, 2024, 05:35 PM

Larry Ellison, the software billionaire and Oracle co-founder, is set to control Paramount Global after a group led by his son David Ellison completes an $8 billion purchase of the Redstone family's interest in the company. According to a filing with the FCC, Larry Ellison will own 77.5% of National Amusements, Paramount's controlling shareholder, through a trust and series of corporations. David Ellison’s Skydance Media, along with RedBird Capital, will buy National Amusements for $2.4 billion. Paramount Global, the parent company of CBS, will be under Larry Ellison's control once the deal is finalized, Bloomberg News reports.