Skydance Tells FCC Paramount Deal Will Boost CBS And Local Stations; Larry Ellison Will Control Company After Merger
deadline.comSkydance and Paramount Global highlighted the impact that their proposed merger will have on CBS and local stations in a filing with the FCC that is part of initial steps to secure regulatory approval.
The document also disclosed that Oracle co-founder Larry Ellison will own 77.5% of National Amusements, which will control Paramount Global, while RedBird Capital is expected to hold the remaining 22.5%.
Ellison, whose son, David, will be chairman and CEO of Paramount after running Skydance, has always been known to be the main backer of the deal but the size of his holding had not previously been disclosed.
An FCC review typically kicks in when a transaction involves the transfer of ownership of broadcast licenses. The Skydance/Paramount deal involves the transfer of 28 CBS-owned station licenses to the new entity.
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