Oracle billionaire Larry Ellison will control Paramount after Skydance deal: filing

Core Viewpoint - Tech billionaire Larry Ellison will gain control of CBS parent Paramount Global following Skydance Media's acquisition of the Redstone family's interest in the company, marking a significant shift in ownership and management structure [1][2]. Group 1: Acquisition Details - Skydance Media signed a deal to acquire Paramount Global in a two-step process, with Larry Ellison, the fourth richest person globally with a net worth of $176 billion, backing the proposal financially [2]. - The Ellisons, along with RedBird Capital Partners, will purchase National Amusements for$2.4 billion and invest over $6 billion into Paramount to acquire shares and reduce debt [2]. - Upon completion of the$8 billion merger, David Ellison will serve as Paramount's chairman and CEO, taking operational control of the business [3]. Group 2: Management and Strategy - David Ellison and his financial partners plan to implement a $2 billion cost-cutting strategy at Paramount following the acquisition [3]. - The decision to sell Paramount Global signifies the end of a decades-long family dynasty led by Shari Redstone, who previously orchestrated the merger of CBS and Viacom in 2019 [4].