01:48 PM EDT, 09/05/2024 (MT Newswires) -- The Ellison family will hold a controlling stake in Paramount Global ( PARAA ) after Skydance Media's purchase of the Redstone family's interest in the film and TV company, a filing with the US Federal Communications Commission showed.

Pinnacle Media, a group of entities formed as special purpose vehicles to hold the Ellison family's interest in the deal, will own 77.5% of National Amusements, which is a controlling shareholder of Paramount. RedBird Capital Partners is expected to hold the remaining 22.5%.

Skydance, which was founded in 2010 by David Ellison, son of software billionaire Larry Ellison, did not immediately reply to a request for comment.

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