Tech scion David Ellison's Skydance Media will gain control of Paramount, marking the end of the Redstone family's reign over the storied studio.
Tech scion David Ellison's months-long quest to win control of Paramount Global moved closer to the finish line Sunday, in a deal that marks a new chapter for the long-struggling media company and parent of one of Hollywood's oldest movie studios. Paramount Global board members on Sunday approved the bid by Ellison's Skydance Media and its backers to buy the Redstone family's Massachusetts holding firm, National Amusements Inc.
The second phase of the transaction will be for Paramount to absorb Ellison's Santa Monica-based Skydance Media, which has sports, animation and gaming as well as television and film production. Ellison is expected to run Paramount as its chief executive. Former NBCUniversal CEO Jeff Shell, who's now a RedBird executive, could help manage the operation.
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