David Ellison Will Hold Full Control of Combined Paramount-Skydance

Skydance Media submitted an updated FCC filing to reflect that David Ellison, CEO of Skydance, will hold 100% percent of the Ellison family’s voting interests in the newly combined Skydance-Paramount.

According to the amended FCC filing, David Ellison’s role will be chairman and CEO of New Paramount, combining the assets of Skydance and Paramount Global after the deal closes, expected in the first half of 2025. David Ellison also is designated as “sole manager” of the Ellison family entities — Hikouki LLC, Furaito LLC, and Aozora LLC — through which the Ellison family will own and control National Amusements Inc. (currently the controlling shareholder of Paramount Global) and New Paramount.

Previously, documentation filed with the FCC had indicated Larry Ellison, the multibillionaire founder of Oracle and David Ellison’s father, would be the majority shareholder of NAI and control the newly merged Paramount-Skydance company.

Pinnacle Media Ventures, formed as special purpose vehicles to hold the Ellison family’s interest in
NAI and Paramount, will own 77.5% of National Amusements. The remaining 22.5% of NAI will be owned by Gerry Cardinale, head of private-equity firm RedBird Capital Partners, which teamed with Skydance and the Ellisons on the NAI/Paramount deal.

The FCC filing disclosing the ownership stakes of NAI was required because the transaction involves the transfer of CBS’s 28 owned-and-operated local TV stations. The Skydance group’s filing with the FCC is an application requesting that the agency approve the transfer of control of television broadcast licenses. The updated FCC filing is available via this link.

Per the filing, after the close of the Skydance/NAI/Paramount deal, the board of directors of NAI will initially be comprised of “no more than seven individuals,” with the Ellison family (i.e., David Ellison) having voting control of the board with the right to appoint up to five members. RedBird will have the right to appoint up to two individuals to the NAI board.

In July, controlling shareholder Shari Redstone clinched a deal to merge Paramount with Skydance. Since then, Paramount has engaged in layoffs and restructuring in its U.S. workforce aimed at cutting 15% of its domestic headcount, as part of efforts to slash $500 million in annual costs.

Paramount Global earlier this month granted its three co-CEOs — George Cheeks, Chris McCarthy and Brian Robbins — an additional provision in their employment agreements that will let them quit and receive severance benefits if they are demoted from their co-CEO roles. The trio of execs also were each granted $3 million in stock under Paramount’s long-term incentive program.