Billionaire Larry Ellison to control Paramount after deal, Bloomberg News reports

(Reuters) -CBS parent Paramount Global will be controlled by software billionaire Larry Ellison after Skydance Media completes its purchase of the Redstone family’s interest in the film and TV company, Bloomberg News reported on Thursday, citing a regulatory filing.

The Ellison will own 77.5% of National Amusements, Paramount Global’s controlling shareholder, through a trust and series of corporations, according to a filing with the US Federal Communications Commission, the report said.

Skydance CEO and Larry’s son David will serve as Paramount’s chairman and CEO. He will have operational control of the business, a spokesperson for Skydance told Bloomberg.

Paramount Global and Skydance Media did not immediately respond to Reuters’s requests for comments.

Skydance Media signed a deal in July to acquire Paramount Global in a complex two-step process, with Larry, the co-founder of Oracle Corp (NYSE:), backing the proposal.

Skydance and its deal partners, including RedBird Capital Partners, will acquire National Amusements for $2.4 billion in cash.

Skydance will subsequently merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount’s balance sheet.

In August, media veteran Edgar Bronfman Jr withdrew from the race for Paramount, clearing the way for Skydance to take control of Shari Redstone’s media empire and ending one of the most chaotic media bidding wars in recent history.