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3 weeks ago
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An amended FCC filing by Skydance today says that David Ellison will hold 100% of the Ellison family’s interest in Paramount once that deal closes. The clarification is an attempt to allay concern that control will reside with his father, Oracle co-founder and CEO, Larry Ellison.
A previous version of the filing showed Lawrence J. Ellison Trust at the top of a chart showing Paramount’s post-transaction ownership structure. Skydance with partner Redbird Capital cemented a merger agreement with Shari Redstone in August and the deal is expected to close in the first haf of next year. Larry Ellison is a major investor and the family will control the majority of the merged company.
The revised FCC filing today clarifies the manner in which the Ellison family will exercise control over what is called the New Paramount and the voting interests of NAI, or National Amusements, the Redstone family holding.
Specifically, post closing, David Ellison’s role will be New Paramount’s Chairman and CEO and sole manager of the Ellison family entities (Hikouki, LLC, Furaito, LLC, and Aozora, LLC), through which the Ellison Family will own and control NAI and New Paramount.”
As sole manager of these entities, “David Ellison will hold 100 percent of the Ellison Family’s voting interests in NAI and New Paramount, in addition to serving as New Paramount’s Chairman and CEO,” the filing read.
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