Larry Ellison (pictured), co-founder of software giant Oracle, is poised to take a controlling stake in Paramount Global once its planned merger deal with Skydance Media closes.

As per a new regulatory filing with the Federal Communications Commission, the billionaire tech mogul will own an influential 77.5% of Shari Redstone’s National Amusements (NAI) through an Ellison family investment vehicle called Pinnacle Media. With US$157 billion in net worth to his name, Ellison consistently ranks among the top 10 richest people in the world.

The remaining 22.5% stake in NAI will be owned by Gerry Cardinale, who is the founder/chief of RedBird Capital Partners, a private equity player involved in Skydance’s Ellison-backed US$8-billion bid to take over Paramount Global and its assets such as Nickelodeon, Paramount+ and FAST service Pluto TV. 

The two-stage merger deal isn’t complete just yet as it still needs to be reviewed and approved by the government, as well as meeting other customary closing requirements. But assuming no regulatory hurdles (or significant pushback from shareholders) crop up, it’s expected to close in the first half of 2025. This new FCC filing argues that the deal will not reduce competition in the broadcasting marketplace since the Ellison family and RedBird don’t have any other businesses with a broadcast license.  

Heading up Skydance is Ellison’s son David, who is in line to become CEO and chairman of the merged company known as “New Paramount,” as outlined previously in the merger deal that won the approval of Paramount’s special committee in July and successfully pulled through the go-shop period last month. 

While David will have operational control of the merged company, the extent of Larry’s influence remains to be seen. And New Paramount is also seeking to install controversial ex-NBCU boss Jeff Shell as president.