Skydance confirms David Ellison, not his father, will control Paramount after merger

Skydance Media has clarified that David Ellison, not his father Larry, will have control of Paramount once the merger of the two companies is completed next year.

David Ellison

In an amended filing with the FCC on Tuesday, Skydance said the younger Ellison will hold 100% of the Ellison family’s voting interest in the new company, which will form in the first half of 2025 pending several regulatory and antitrust approvals.

The filing comes around seven weeks after an initial filing suggested Larry Ellison, the US billionaire and co-founder of American computer software firm Oracle Corporation, would own 77.5% of Paramount’s parent company National Amusements through a trust and several corporations.

David Ellison will be chairman and CEO of the merged entity, New Paramount, and will also have control of the entities through which the Ellison family will control New Paramount and National Amusements.

The Ellison family will own 77.5% of New Paramount through an entity called Pinnacle Media, while the remaining 22.5% will be owned by Gerry Cardinale-led investment firm RedBird Capital Partners.

The elder Ellison is putting up the majority of the US$8bn that Skydance is using to finance the transaction with Paramount. The deal was first announced in early July following a protracted sale process.