Larry Ellison firm to control Paramount Global after Skydance deal closes
Paramount Global will be taken private by a group led by investor William Ackman
Paramount Global, the parent company of CBS, MTV, and Paramount Pictures, will be taken private by a group of investors led by hedge fund billionaire William Ackman, the companies announced Monday.
The deal will give Ellison's firm, Skydance Media, a controlling stake in Paramount Global
The deal is valued at $44 billion and is expected to close in the second half of 2023.
As part of the deal, Ellison will become chairman of Paramount Global, and Ackman will become vice chairman.
The deal will give Ellison's firm, Skydance Media, a controlling stake in Paramount Global.
Skydance Media is a production company that has produced films such as "Mission: Impossible - Fallout" and "Terminator: Dark Fate."
Ellison is the co-founder of Oracle, one of the world's largest software companies.
Ackman is the founder of Pershing Square Capital Management, a hedge fund.
The deal is a major coup for Ellison, who has been looking to expand his control over the media industry.
It is also a significant victory for Ackman, who has been a vocal critic of Paramount Global's management.
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