Larry Ellison, known for his wealth and success as the founder of software company Oracle, will be the controlling shareholder of Network Ten owner Paramount, as revealed in new corporate filings. Despite his son David being the face of the deal, Larry Ellison will hold the most shares in the company that controls Paramount, a major Hollywood studio. Paramount also owns television networks CBS, Nickelodeon, Channel 5 in the UK, and streaming service Paramount+.
An organisational chart of the companies acquiring Paramount’s voting power, currently held by Shari Redstone’s National Amusements Inc, places Larry Ellison at the top. This structure indicates that he will have significant influence over the future direction of Paramount, with David Ellison likely to be installed as the new chair and chief executive after the merger. The impact of this ownership change on Network Ten, Australia’s third-largest free-to-air network, remains uncertain at this time.
Larry Ellison, at 80 years old, is ranked as the fourth richest person in the world by Forbes, with a net worth of $176.8 billion. His vast wealth places him just behind Facebook founder Mark Zuckerberg. Ellison’s involvement in the ownership of Paramount signifies a major development in the entertainment industry, particularly in the realm of film and television production. With his financial resources and business acumen, Ellison is poised to make significant contributions to the future success of Paramount and its affiliated networks.
The merging of Paramount and its associated companies under Larry Ellison’s control has the potential to reshape the landscape of the entertainment industry. With Paramount’s ownership by Ellison, there is anticipation of strategic decisions and investments that could impact the content and distribution of films and television programs worldwide. This consolidation of media assets under Ellison’s leadership may lead to increased competition and innovation in the industry.
The relationship between Larry Ellison and his son David, who operates production studio Skydance Media, highlights the importance of familial connections in the business world. While David Ellison is expected to take on a prominent role at Paramount, it is clear that Larry’s influence and wealth will play a significant role in shaping the direction of the company. The dynamics between father and son in this high-profile business deal underscore the complexities of family involvement in corporate decision-making.
Overall, Larry Ellison’s emergence as the controlling shareholder of Paramount represents a significant development in the entertainment sector. With his vast wealth and business expertise, Ellison has the potential to steer Paramount towards new opportunities and challenges in the competitive world of media production and distribution. The implications of Ellison’s ownership for Network Ten and other affiliated networks remain uncertain, but the industry will undoubtedly be watching closely as this high-profile figure takes the reins of one of Hollywood’s most iconic studios.
