Skydance Media has recently submitted an updated FCC filing indicating that David Ellison, CEO of Skydance, will hold 100% of the Ellison family’s voting interests in the newly combined entity of Skydance-Paramount.
The amended FCC filing, released on Tuesday, outlines David Ellison’s role as chairman and CEO of the newly merged New Paramount, which will consolidate the assets of Skydance and Paramount Global once the deal finalizes in the first half of 2025. Additionally, David Ellison is designated as the “sole manager” of the Ellison family entities – Hikouki LLC, Furaito LLC, and Aozora LLC – through which the Ellison family will own and control National Amusements Inc. and New Paramount.
Previously, it was stated in FCC documentation that Larry Ellison, the founder of Oracle and David Ellison’s father, would be the majority shareholder of NAI and have control over the combined Paramount-Skydance entity.
Pinnacle Media Ventures, established as special purpose vehicles to manage the Ellison family’s interest in NAI and Paramount, will hold 77.5% of National Amusements post-transaction. The remaining 22.5% of NAI will be owned by Gerry Cardinale, the head of private-equity firm RedBird Capital Partners, who collaborated with Skydance and the Ellisons on the NAI/Paramount deal.
The FCC filing discloses the ownership stakes of NAI due to the transfer of CBS’s 28 owned-and-operated local TV stations. The application submitted by the Skydance group to the FCC seeks approval for the transfer of control of television broadcast licenses, with the updated filing available for reference.
Following the completion of the Skydance/NAI/Paramount merger, the board of directors of NAI will consist of a maximum of seven individuals, with the Ellison family having voting control and the authority to appoint up to five members. RedBird will have the right to appoint up to two individuals to the NAI board.
In July, Shari Redstone, Paramount’s controlling shareholder, successfully negotiated a merger with Skydance after months of discussions. Subsequently, Paramount initiated layoffs and restructuring efforts to reduce its U.S. workforce by 15% in a bid to cut $500 million in annual costs.
Paramount Global recently amended the employment agreements of its three co-CEOs – George Cheeks, Chris McCarthy, and Brian Robbins – to include a provision enabling them to resign and receive severance benefits if they are demoted from their co-CEO positions. Additionally, each executive was granted $3 million in stock under Paramount’s long-term incentive program.
