What's happened
Larry Ellison will gain control of Paramount Global following Skydance Media's acquisition of the Redstone family's stake. Ellison will own 77.5% of National Amusements, with his son David Ellison as CEO. This marks a significant shift in the media landscape, ending Shari Redstone's long-standing influence.
Why it matters
What the papers say
According to the New York Times, a recent FCC filing reveals that Larry Ellison will be the primary shareholder, stating, 'Larry Ellison will have ultimate control.' Meanwhile, the NY Post highlights the financial aspects, noting that 'the Ellisons intend to preserve and enhance the legacy of the CBS network.' This contrast illustrates the dual focus on governance and financial strategy in the acquisition process.
How we got here
The acquisition process began in July when Skydance Media, backed by Larry Ellison, signed a deal to purchase Paramount Global. This move follows a chaotic bidding war and culminates in a major restructuring of the media company.
Common question
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What Does Larry Ellison's Control of Paramount Mean for the Media Industry?
Larry Ellison's recent acquisition of Paramount Global marks a pivotal moment in the media landscape. With Ellison gaining control over National Amusements, questions arise about the future of media governance, the influence of Shari Redstone, and the strategic direction of Paramount. This shift not only impacts the company but also the broader media industry, prompting discussions about ownership and content creation.
More on these topics
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ViacomCBS Inc. is an American diversified multinational mass media conglomerate formed through the merger of CBS Corporation and the second incarnation of Viacom in 2019, which were split from the original incarnation of Viacom in 2005.
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Lawrence Joseph Ellison is an American business magnate, investor, and philanthropist who is a co-founder and the executive chairman and chief technology officer of Oracle Corporation.
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David Ellison is an American film producer and the founder and CEO of Skydance Media.
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Shari Ellin Redstone is an American media executive with a background in numerous aspects of the entertainment industry and related ventures.
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Skydance Media, LLC is an American production company based in Santa Monica, California. Founded by David Ellison in 2006, the company entered a five-year partnership to co-produce and co-finance films with Paramount Pictures starting in 2009, and has ren