Oracle founder Larry Ellison will become the largest shareholder of Paramount Global after it is taken over by Skydance led by his son David Ellison. Larry Ellison holds 77.5% of Paramount Global shares while the remaining 22.5% is held by RedBird Capital.
Paramount Global has been trying to sell since late last year with Skydance showing interest in a merger. Larry Ellison's involvement in taking over Paramount was only revealed in a filing submitted to the FCC for approval before the purchase could go ahead. If the go-ahead is granted, Skydance and Paramount Global will merge in early 2025.
Previously we also reported that Sony and Warner Brothers Discovery were also interested in merging with Paramount but it seems that they did not proceed. In addition to taking over Paramount's film and TV studios, Skydance will also take over 28 TV stations under CBS.