(Reuters) – CBS parent Paramount Global will be controlled by software billionaire Larry Ellison after a group led by his son David completes its purchase of the Redstone family’s interest in the film and TV company, Bloomberg News reported on Thursday, citing a regulatory filing.
The older Ellison will own 77.5% of National Amusements, Paramount Global’s controlling shareholder, through a trust and series of corporations, according to a filing with the US Federal Communications Commission, the report said.
David Ellison’s Skydance Media signed a deal in July to acquire Paramount Global in a complex two-step process, with his father, the co-founder of Oracle Corp, backing the proposal.
Skydance and its deal partners, including RedBird Capital Partners, will acquire National Amusements for $2.4 billion in cash.
Skydance will subsequently merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount’s balance sheet.
Paramount Global and Skydance Media did not immediately respond to Reuters request for comments.
(Reporting by Juby Babu in Mexico City; Editing by Janane Venkatraman)
