The Ellison family on Tuesday amended a filing with the Federal Communication Commission to show that Ellison, and not his father, Larry, will control their voting interest.
Movie producer David Ellison will control his family’s stake in Paramount Global once his Skydance Media completes its merger with the larger movie and TV company. Ellison is merging his company into Paramount in a series of transactions. The Ellisons and their partner RedBird Capital Partners are buying out the Redstone family’s National Amusements Inc., which owns the majority of the voting stock in Paramount.
An earlier filing with the commission said Larry Ellison, the billionaire co-founder of Oracle Corp., would be the controlling shareholder. Paramount owns TV networks including CBS and MTV, as well as its namesake film studio. Like a lot of legacy media companies, Paramount has struggled as consumers shift from traditional TV to streaming services.
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