Larry Ellison Will Control Paramount After Deal, Filing Says
Story by Christopher Palmeri
(Bloomberg) — Paramount Global, the parent of CBS, will be controlled by software billionaire Larry Ellison after a group led by his son David completes its purchase of the Redstone family’s interest in the film and TV company, according to a regulatory filing.
Ellison, the co-founder of Oracle Corp., is backing his son’s proposal to buy the Redstone’s National Amusements Inc. and take control of Paramount for more than $8 billion. According to a filing with the US Federal Communications Commission, the older Ellison will own 77.5% of National Amusements through a trust and series of corporations.