Skydance clarifies that David Ellison, not Larry, will control Paramount after deal closes

Larry Ellison won’t control Paramount after all.

A month after Skydance told the Federal Communications Commission that the Oracle founder and tech mogul would have voting control over Paramount when the company closes the $8 billion deal, it filed revised filings with the FCC to clarify that it was in fact David Ellison will have control.

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Closing the Skydance deal requires approval not only from antitrust regulators the FTC or the Department of Justice, but also from the FCC, which must approve the transfer of broadcast licenses owned by Paramount.

In its initial filing, Skydance stated that Larry Ellison (who contributed the majority of the cash in the deal), along with Jerry Cardinale’s RedBird Capital, would control the new company through various legal entities. In a new filing Tuesday, the company clarified that David Ellison will have control of the companies that own the new Paramount, even if the larger Ellison family has an economic stake.

“As sole manager of these companies, David Ellison will own 100 percent of the voting shares of the Ellison family in NAI and New Paramount, and will also serve as chairman and chief executive officer of New Paramount,” the document said.

In the original and amended filing, the company notes that the Ellisons do not currently own any broadcast-licensed business and therefore will not reduce competition in that area. They also talked about their plans to invest in both CBS and its local stations.

Sources said Hollywood Reporter Last month, Kim Masters said that while Larry will contribute money to the deal, David will be a firm leader, running the board and the company. It is now clear that he will control the new Paramount through family companies, which will own the majority of the shares.

They also question the extent to which Larry will exercise any control over the company given the billions of dollars he is investing in the deal.

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