David Ellison and Skydance Finally Take the Reins of Paramount

As of late 2025, Paramount—one of the most storied names in Hollywood and global broadcasting—is owned and controlled by a group led by David Ellison, the founder of Skydance Media, in partnership with RedBird Capital Partners. The company, which was formerly known as Paramount Global, now operates as Paramount, a Skydance Corporation (trading under the Nasdaq ticker PSKY).

This shift in ownership follows a historic merger that was finalized on August 7, 2025. This transaction marked the definitive end of the Redstone era, a period spanning several decades during which the late Sumner Redstone and his daughter Shari Redstone exercised absolute control over the company through their family holding firm, National Amusements, Inc. (NAI).

Today, Paramount is a hybrid entity that integrates the traditional film and television assets of the former Paramount Global with the modern production and technology-focused capabilities of Skydance Media. While the company remains a publicly traded entity, the Ellison-led group holds the vast majority of the voting power, effectively deciding the strategic direction of icons like CBS, MTV, and Paramount Pictures.

The Transformation Into Paramount Skydance Corporation

The path to the current ownership structure was the result of a complex, multi-stage negotiation process that dominated entertainment headlines throughout 2024 and early 2025. The core of the deal involved the acquisition of National Amusements, which held approximately 77% of the voting shares in the former Paramount Global. By acquiring NAI, David Ellison and his backers secured the keys to the entire Paramount empire.

The Role of David Ellison and RedBird Capital

David Ellison, now the Chairman and CEO of the unified company, brought substantial financial and operational backing to the deal. The Ellison family, including support from Larry Ellison (the co-founder of Oracle), provided the capital necessary to stabilize Paramount's debt-heavy balance sheet.

RedBird Capital Partners, a private equity firm with deep roots in sports and media investment, acted as a primary strategic partner. Together, these entities orchestrated a deal that involved a significant injection of cash—reportedly over $8 billion—to buy out the Redstone family's interest, provide a cash exit for some public shareholders, and invest in the company's future growth, particularly in the streaming and gaming sectors.

The End of the National Amusements Era

For more than 35 years, Paramount (and its predecessors Viacom and CBS Corporation) was a family-run dynasty. National Amusements, originally a theater chain founded by the Redstone family, used a dual-class share structure to maintain control. Even when the family owned a minority of the total economic equity, their Class A voting shares allowed them to appoint the board and dictate major corporate actions.

The decision by Shari Redstone to sell National Amusements to the Skydance group was a watershed moment for the industry. It represented the transition from a traditional "Old Hollywood" family control model to a "New Media" model that emphasizes technological integration and global scale.

Understanding the New Corporate Structure

To answer the question of who owns Paramount, one must look at the distinction between voting control and economic ownership. This distinction remains a cornerstone of the company’s governance.

Voting Control vs. Public Ownership

Following the merger, Paramount, a Skydance Corporation, maintains its status as a public company listed on the Nasdaq. This means that thousands of institutional and retail investors own pieces of the company through Class B shares. However, these shares generally do not come with voting rights regarding major corporate governance issues.

The real "ownership" in terms of power lies with the Class A shares. The Ellison-led group controls these shares, giving them the authority to:

Appoint members of the Board of Directors.
Approve or block future mergers and acquisitions.
Determine the dividend policy and capital allocation strategy.
Set the long-term vision for the company's streaming platforms, Paramount+ and Pluto TV.

Key Shareholders and Institutional Interests

While the Ellison group holds the steering wheel, several major financial institutions continue to hold significant economic stakes in Paramount. These include:

The Vanguard Group: One of the largest institutional shareholders, holding a substantial percentage of the Class B common stock.
BlackRock, Inc.: Another major institutional player that holds shares through various mutual funds and ETFs.
Retail Investors: Individual investors who trade Paramount stock daily and have a financial interest in the company’s performance, even if they lack direct control.

What Does Paramount Own?

When an entity like the Skydance group acquires Paramount, they are acquiring one of the most diverse portfolios of intellectual property and media assets in the world. The ownership of Paramount extends across film, broadcast television, cable networks, and digital streaming.

Paramount Pictures: The Film Division

Founded in 1912, Paramount Pictures is the second-oldest film studio in the United States. It owns a library of over 3,500 films, including legendary franchises such as:

The Godfather
Mission: Impossible
Top Gun
Star Trek
Titanic (co-production)
Transformers

Under the new ownership, Skydance’s existing production units—which were already responsible for hits like Top Gun: Maverick—have been fully integrated into the studio’s operations.

CBS Entertainment Group: The Broadcast Powerhouse

Paramount owns the CBS television network, which is consistently one of the most-watched broadcast networks in the U.S. This ownership includes:

CBS News: The legendary news division responsible for 60 Minutes and CBS Mornings.
CBS Sports: Holder of key broadcast rights for the NFL (including the Super Bowl), the NCAA March Madness tournament, and the Masters.
Owned-and-Operated Stations: A group of 28 local television stations in major markets across the country.

Paramount Media Networks: The Cable Portfolio

This division contains some of the most influential brands in pop culture history. The ownership includes:

MTV: The global music and youth culture brand.
Nickelodeon: The leader in children’s entertainment and the home of SpongeBob SquarePants.
Comedy Central: Home to South Park and The Daily Show.
BET (Black Entertainment Television): The premier network for Black culture and entertainment.
Showtime: The premium cable network known for high-end scripted dramas.

Paramount Streaming: The Digital Future

A major focus of the new ownership is the consolidation and growth of its digital platforms:

Paramount+: The flagship subscription video-on-demand service that combines live sports, breaking news, and a massive library of films and shows.
Pluto TV: The leading free ad-supported streaming television (FAST) service.

A Legacy of Evolution: How Paramount Changed Hands Over Time

The current ownership by David Ellison and Skydance is only the latest chapter in a century-long saga of corporate shifts. Understanding how the company reached this point provides essential context.

The Early Years and Bankruptcy (1912–1935)

Paramount began as the Famous Players Film Company, founded by Adolph Zukor. It grew rapidly by controlling both the production of films and the theaters where they were shown. However, the Great Depression hit the company hard, leading to a bankruptcy reorganization in 1933. It emerged as Paramount Pictures, Inc. in 1935, with a renewed focus on production and distribution.

The Era of Diversified Conglomerates (1966–1989)

In 1966, Paramount was acquired by Gulf+Western, a massive conglomerate that owned everything from auto parts companies to zinc mines. Under the leadership of Charles Bluhdorn, Paramount became the crown jewel of the group. Eventually, Gulf+Western divested its non-media assets and rebranded itself as Paramount Communications in 1989.

The Viacom War and the Redstone Reign (1994–2025)

In 1994, a fierce bidding war broke out between Viacom (led by Sumner Redstone) and QVC (led by Barry Diller). Viacom emerged victorious, marking the beginning of the Redstone family’s control.

The history of the company during this period was defined by a series of splits and mergers:

2005 Split: Viacom was divided into two companies: "New Viacom" (cable networks and film) and "CBS Corporation" (broadcast, radio, and publishing).
2019 Re-merger: The two companies were reunited to form ViacomCBS (later renamed Paramount Global) to better compete in the burgeoning streaming wars.
2025 Skydance Merger: The final transition of control from the Redstone family to David Ellison.

Why the Ownership Change Matters for the Industry

The acquisition of Paramount by Skydance and RedBird Capital is not merely a change in the board of directors; it represents a fundamental shift in how legacy media companies are managed in the 21st century.

Technological Integration

Unlike the traditional management structures of the past, the new ownership group has emphasized the importance of data and technology. Skydance has long been a proponent of using advanced visual effects and digital distribution strategies. By owning Paramount, they intend to modernize the studio's workflow and enhance the user experience of its streaming platforms.

Content Synergy and Gaming

Skydance has a significant presence in the gaming industry (Skydance Games). The new owners view Paramount’s vast library of intellectual property as prime material for video game adaptations. This "transmedia" approach—where a story is told across films, television, and interactive games—is a key part of the new strategy to maximize the value of ownership.

Financial Stabilization

Paramount Global struggled with high debt levels and a declining linear television business prior to the merger. The Ellison-led acquisition provided a necessary financial reset. By infusing the company with billions of dollars in new capital, the owners have given Paramount the breathing room to invest in high-quality content without the immediate pressure of looming debt maturities.

What is the Current Stock Status of Paramount?

For those looking at the ownership of Paramount from a financial perspective, the company’s transition to "Paramount, a Skydance Corporation" changed its market profile.

Ticker Symbol: The stock moved from PARA (and PARAA) to PSKY on the Nasdaq.
Valuation: As of early 2026, the market capitalization has fluctuated as the new management implements its restructuring plans.
Dividends: The new ownership group has taken a cautious approach to dividends, preferring to reinvest profits into the streaming infrastructure and debt reduction.

Summary of Paramount Ownership in 2025-2026

The ownership of Paramount is currently centralized in the hands of the Skydance group, led by David Ellison and RedBird Capital Partners. While the company is publicly traded, the Redstone family no longer holds any controlling interest. The company is now an integrated media and technology firm, aiming to bridge the gap between Hollywood's legendary past and a digital-first future.

Conclusion

The question "Who owns Paramount?" now has a clear answer: David Ellison and his partners at Skydance Media and RedBird Capital. This change marks the most significant shift in the company’s power structure since the 1990s. As Paramount Skydance Corporation, the entity is now positioned to leverage its deep library of CBS news, Nickelodeon animation, and Paramount film classics within a modernized, tech-forward business model. While public shareholders still own a piece of the pie, the vision and control belong to a new generation of media moguls.

Frequently Asked Questions (FAQ)

Does Shari Redstone still own any of Paramount?

Following the completion of the merger in August 2025, Shari Redstone and National Amusements sold their controlling interest to the Skydance group. While the family may retain minor holdings as part of the transaction's equity components, they no longer have voting control or a management role in the company.

Is CBS still part of Paramount?

Yes. CBS remains one of the most valuable assets within the Paramount portfolio. The merger with Skydance included all the broadcast, news, and sports divisions of the former Paramount Global.

Who is the CEO of Paramount now?

David Ellison is the Chairman and CEO of Paramount, a Skydance Corporation. He assumed this role upon the closing of the merger, replacing the previous "Office of the CEO" structure that existed during the final months of Paramount Global.

Did Skydance buy Paramount+ as well?

Yes, Paramount+ is the primary streaming asset of the company. The new owners have committed to enhancing the platform by integrating more Skydance-produced content and improving its technological infrastructure to compete with rivals like Netflix and Disney+.

Is Paramount still a public company?

Yes, Paramount remains a publicly traded company. Investors can buy and sell shares on the Nasdaq under the ticker symbol PSKY. However, the majority of the voting power is held privately by the Ellison family and their partners.

What happened to the PARA stock?

Upon the completion of the merger, shares of the old Paramount Global (PARA and PARAA) were converted or exchanged based on the terms of the merger agreement, and the new entity began trading under the ticker symbol PSKY.

Does Larry Ellison own Paramount?

While David Ellison is the leader and CEO, his father, Larry Ellison (the co-founder of Oracle), provided significant financial backing for the acquisition. This makes the Ellison family the primary financial force behind the company’s current ownership.