In a significant development for the entertainment industry, tech billionaire Larry Ellison is poised to take control of CBS parent company Paramount Global. Skydance Media, led by Ellison's son David, will acquire the Redstone family's interest in the film and TV company, according to a report. Larry Ellison, co-founder of Oracle and the fourth richest person in the world with a net worth of $176 billion, will now hold an impressive 77.5% ownership stake in National Amusements, Paramount's controlling shareholder.

The news comes following a filing with the US Federal Communications Commission, as Bloomberg News was first to reveal. Larry Ellison's ownership will be structured through a trust and a series of corporations. Meanwhile, David Ellison will assume the pivotal role of Paramount's chairman and CEO, exerting operational control of the company. A spokesperson for Skydance confirmed this arrangement, emphasizing the younger Ellison's leadership in driving the business forward.

The acquisition of Paramount Global by Skydance Media was initiated with an ambitious two-step process, with Larry Ellison throwing his substantial financial backing behind the proposal. Skydance Media signed the deal in July, propelled by the billionaire's influence and resources. The ultimate aim of the Ellisons is to "preserve and enhance the legacy" of the CBS network, emphasizing their commitment to maintaining the company's standing in the industry.

National Amusements, Paramount's majority shareholder, will be purchased by the Ellisons and their partner, RedBird Capital Partners, for $2.4 billion. Furthermore, they plan to invest an additional $6 billion into Paramount to acquire shares and reduce the company's debt. The filing also disclosed that RedBird founder Gerry Cardinale will hold a 22.5% stake in National Amusements through RB Tentpole LP, a limited partnership.

As the merger draws closer, David Ellison and his financial partners, including industry veteran Jeff Shell, have signaled their intent to implement an ambitious $2 billion cost-cutting plan at Paramount. Shell, formerly the CEO of NBC Universal, faced controversy last year after admitting to an inappropriate relationship with a former CNBC anchor. Now aligned with RedBird, Shell is expected to assume the role of Paramount's president following the conclusion of the merger.

This landmark deal marks the end of a long-standing family dynasty, as the Paramount Global sale divests the Redstone family of their control over the conglomerate. Shari Redstone, daughter of media magnate Sumner Redstone, orchestrated the historic merger of CBS and Viacom in 2019, reuniting her father's enterprises after their split in 2006. The completion of the acquisition by Skydance Media solidifies Larry Ellison's influential role in shaping the future of Paramount Global.

As the entertainment industry closely watches this transformative merger, Larry Ellison's impending control of Paramount Global sets the stage for an intriguing new chapter in the company's storied history. With the Ellisons and their financial partners at the helm, the industry will be closely monitoring the ambitious cost-cutting plans and the future direction of Paramount under David Ellison's leadership.