In a recent regulatory filing, it has been revealed that Larry Ellison, the iconic founder of Oracle, will become the majority shareholder of National Amusements Inc. (NAI), the controlling company for Paramount Global. The deal, expected to close next year with Skydance Media, led by Ellison's son David Ellison, will solidify Ellison's ownership of 77.5% of NAI through Pinnacle Media, a group of ventures specifically created to hold the Ellison family's interest in NAI and Paramount.

Gerry Cardinale, the head of private-equity firm RedBird Capital Partners, will possess the remaining 22.5% ownership of NAI, as part of the collaboration between RedBird, Skydance, and the Ellisons on the NAI/Paramount agreement. The binding agreement between Skydance, RedBird, NAI, and Paramount Global, which was announced on July 7, will witness the Skydance group acquiring the shares of Shari Redstone's NAI (which currently holds 77% of the voting power in Paramount Global), leading to a merger with Paramount.

Following last-minute rival bids for Paramount from an investor consortium led by Edgar Bronfman Jr., Bronfman recently announced the group's exit from the deal process. This development paves the way for the Skydance-RedBird deal to proceed. The Paramount board's special committee extended the negotiation window by 15 days after the bid was made just days before the expiration of the "go-shop" period under the Skydance agreement on August 21.

Paramount Global encompasses various entities such as CBS, Paramount Pictures, cable networks like Comedy Central, MTV, BET, as well as the streaming platforms Paramount+ and Pluto TV. Set to close in the first half of 2025, the Skydance deal will see David Ellison assume the role of CEO for the merged entity of Skydance-Paramount, while Jeff Shell, former CEO of NBCUniversal and chairman of RedBird Sports & Media, will take on the position of president.

However, ahead of the anticipated closure of the Skydance deal, Paramount is undergoing significant staff reductions, attributed to revenue declines in its TV and film businesses. The company announced last month that it plans to cut 15% of its U.S. workforce, amounting to approximately 2,000 jobs, by the end of 2024 as part of an effort to reduce annual costs by $500 million.

As Larry Ellison prepares to strengthen his influence in the media conglomerate world through his majority stake in National Amusements Inc., industry watchers are keenly observing the impact of this transformative deal on the future direction of Paramount Global and its wide-ranging entertainment properties.

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