Paramount Skydance board to include David Ellison, Sherry Lansing, Oracle’s Safra Catz

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10-person board of directors for Paramount Skydance has been appointed, featuring tech heir David Ellison, Safra A. Catz (CEO of Oracle) and previous chairwoman of Paramount Pictures, Sherry Lansing.

Ellison will serve as chairman of the board.

On Thursday, the board is set to reconvene following the completion of Skydance Media’s $8.4 billion takeover of Paramount Global.

Following a change in ownership, only Barbara Byrne will continue as a board member from the current lineup at Paramount. The current chairwoman, Shari Redstone, along with other members, are expected to step down, transferring control of the iconic entertainment company encompassing CBS, Comedy Central, MTV, Showtime, and the century-old Paramount Pictures studio on Melrose Avenue to a new group of owners.

The balance strongly favors companies with a monetary investment, specifically the Larry Ellison family and RedBird Capital Partners, who are financially involved in Skydance Media and assisted with the Paramount deal.

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In the future, Dana Goldberg – a long-standing assistant to Ellison – and Josh Greenstein, a previous executive at Sony, are set to jointly manage Paramount Pictures. Following this week’s Skydance acquisition, only one senior executive at Paramount, George Cheeks, will continue in his role.

The arriving panel further signifies a collaborative decision-making structure. Among the members of the council, the Ellisons hold five positions, with David Ellison and Catz, a seasoned Oracle executive who assumed the CEO role in 2019, being part of this group. It’s worth noting that Catz was previously a board member at The Walt Disney Company as well.

At the private equity company, you’ll find two key figures: Gerry Cardinale, who is both the founder and managing partner at RedBird, and John L. Thornton, holding the position of the chairman.

Furthermore, Jeff Shell and Andy Gordon, who have ties to RedBird, are set to join Paramount’s board of directors. They both are moving over from RedBird in senior executive roles. Specifically, Jeff Shell, previously CEO of NBCUniversal, will assume the position of President at Paramount, while Andy Gordon, a seasoned banker from Goldman Sachs, has been appointed as Paramount’s Chief Operating Officer and Chief Strategy Officer. (It is worth noting that Shell will serve on the board in a management capacity.)

Paul Marinelli, president of Larry Ellison-backed Lawrence Investments, will join the board.

Three distinct board members are set to be appointed, among them being Byrne, Justin G. Hamill from the position of Managing Director at Silver Lake, and Lansing, an influential Hollywood executive who was once a well-respected leader at Paramount over two decades past.

I’m delighted and privileged to announce the addition of this exceptional team of future directors to our board, as expressed by David Ellison in his statement.

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In the approaching days, it’s anticipated that the Larry Ellison family and RedBird Capital Partners will assume ownership over Paramount. David Ellison, aged 42, is expected to hold the positions of both chairman and CEO.

In the past fortnight, the Federal Communications Commission, headed by Chairman Brendan Carr (appointed by President Trump), has given the green light to the merger between Skydance and Paramount, following several months of controversy. The FCC’s decision was made in a 2-1 vote, which occurred after Paramount agreed last month to pay President Trump $16 million as part of a settlement for his lawsuit over alterations made to a “60 Minutes” episode.

The FCC approval removed the last hurdle, allowing the Skydance purchase to move forward.

In a deal finalized in July 2024, Sharon Redstone, daughter of media mogul Sumner Redstone, and Paramount’s board consented to the acquisition by Skydance. As part of this transaction, the Redstone family’s investment firm, National Amusements, will receive a payment of $2.4 billion for its majority stake in the company. After settling National Amusements’ substantial liabilities, the Redstone family will be left with approximately $1.75 billion from the sale.

The ownership of Redstone shares is set to transfer to Larry Ellison and RedBird. They will retain a smaller portion of the shares in National Amusements.

The agreement is anticipated to infuse approximately $1.5 billion onto Paramount’s financial records, aiding the company in reducing its outstanding debts. Over $4 billion has been earmarked for purchasing back shares currently held by Paramount’s existing shareholders.

Santa Monica-based Skydance will eventually be folded into Paramount.

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2025-08-05 21:31