Larry Ellison won’t control Paramount after all.
A month after Skydance told the Federal Communications Commission that the Oracle founder and tech mogul would have voting control of Paramount when the company closes its $8 billion deal, it has filed revised applications with the FCC to clarify that, in fact, David Ellison will have control.
In order for the deal to close, Skydance needs approval not only from antitrust regulators at the FTC or DOJ, but also the FCC, which needs to approve the transfer of broadcast licenses owned by Paramount.
In its initial filing, Skydance said that Larry Ellison (who is contributing the bulk of the cash in the deal) alongside Gerry Cardinale’s RedBird Capital would control the new company through various corporate entities. In the new filing Tuesday, the company clarified that David Ellison will have voting control over the companies that own the new Paramount, even if the larger Ellison family has an economic stake.
“As sole manager of these entities, David Ellison will hold 100 percent of the Ellison Family’s voting interests in NAI and New Paramount, in addition to serving as New Paramount’s Chairman and CEO,” the filing states.
More to come.
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