David Ellison Closes In on Hollywood Prize: Paramount Global
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David Ellison, movie producer and heir to a technology fortune, is in negotiations to take charge of Paramount Global, the media giant that owns CBS, MTV, and Nickelodeon. Ellison and his backers have agreed to pay a little more than $2 billion for Shari Redstone's National Amusements, the family company that controls Paramount. Ellison's production company, Skydance Media, would merge with Paramount as part of the deal. Redstone, with 77% ownership of Paramount's voting rights, will be getting a premium price for the shares held by National Amusements. Ellison would serve as CEO of the combined company, with his father Larry Ellison being considered for the role of chairman. Paramount's poor performance and declining market value have left Redstone with few options. Other potential buyers, including Apollo Global Management and Warner Bros. Discovery, have not materialized. Ellison and his supporters plan to invest billions of dollars in rebuilding Paramount and have already assessed which assets to hold or sell. They want to preserve the Paramount+ streaming service and explore merging it with a peer such as Peacock or Max. Shareholders will need to believe in a new management team's ability to grow the business, which has been in decline. Redstone sees Ellison as her best option due to his success as an entrepreneur and his commitment to investing in technology.

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https://emeatribune.com/david-ellison-closes-in-on-hollywood-prize-paramount-global/