Short answer: Larry and David Ellison would not personally own Warner Bros., CNN or HBO. If the pending transaction closes, Paramount Skydance would acquire 100% of Warner Bros. Discovery (WBD), placing WBD’s studios, streaming services, news operations and cable networks under the same corporate parent as Paramount’s assets. The Ellison family would retain control and substantial influence through Paramount’s ownership and financing of the deal.
The transaction is a Paramount acquisition, not a personal Ellison purchase
Paramount Skydance and Warner Bros. Discovery announced a definitive merger agreement on February 27, 2026. Under the announced terms, Paramount would acquire all of WBD for $31 per share in cash plus a ticking fee. Paramount said the transaction values WBD at approximately $81 billion in equity value and $110 billion in enterprise value.
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Those are announced transaction figures, not proof that ownership has transferred. The deal remained pending in the latest reported status, with a states’ settlement still awaiting a judge’s approval and the Writers Guild of America continuing to oppose the merger.
Paramount said the financing includes $47 billion in equity commitments backed by the Ellison family and RedBird Capital Partners, plus $54 billion in debt commitments from Bank of America, Citigroup and Apollo. Existing Paramount shareholders could also participate in a rights offering of up to $3.25 billion. Paramount stated that the transaction is not subject to financing conditions.
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Who would own and control the combined company?
Paramount Skydance would hold Warner Bros. Discovery
The legal buyer is Paramount Skydance. If the transaction closes, WBD would become part of Paramount’s corporate structure, rather than becoming a collection of assets held in Larry Ellison’s or David Ellison’s personal names.
The Ellison family’s role
The Ellison family is Paramount’s controlling shareholder and is backing the equity financing with RedBird. That position would give the family significant influence over the parent company’s board, strategy and leadership. It does not mean that Larry or David Ellison would individually hold title to every film library, channel, brand or streaming service acquired from WBD.
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Other investors and voting rights
The FCC approved indirect equity interests for sovereign wealth funds from Saudi Arabia, Qatar and the United Arab Emirates without voting stakes. The Associated Press reported Paramount’s position that those investors would have no governance rights and that the Ellison family and RedBird would remain majority owners if the deal closes.
What would be in the combined Paramount portfolio?
Paramount’s announcement describes a company spanning filmed entertainment, television, streaming, news, sports, animation, games and cable networks. The table shows the principal businesses named in that announcement. Brand names are presented as parts of the announced corporate portfolio, not necessarily as separate legal entities.
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| Business area | Paramount and Skydance businesses | Warner Bros. Discovery businesses | What the combined company would control |
|---|---|---|---|
| Film and television production | Paramount Pictures; Paramount Television; Skydance animation, film, television, interactive/games and sports divisions | Warner Bros. Motion Picture Group; Warner Bros. Television Group; Warner Bros. Pictures Animation; HBO | Two major film-and-television production ecosystems, their development operations and extensive content libraries |
| Streaming | Paramount+ | HBO Max; discovery+ | Paramount’s service alongside WBD’s HBO Max and discovery+ platforms |
| Broadcast and news | CBS; CBS News | CNN | National broadcast, cable-news and digital-news operations under one parent |
| Sports | CBS Sports; Skydance sports division | TNT Sports; Eurosport | Sports production, rights, channels and related programming across Paramount and WBD properties |
| Entertainment cable networks | Nickelodeon; MTV; BET; Comedy Central; Showtime | TNT; TBS; truTV; Travel Channel; Animal Planet; Science Channel | A larger collection of general-entertainment, factual, lifestyle and youth-oriented networks |
| Lifestyle, factual and specialty brands | Not separately listed in the Paramount announcement beyond the brands above | Discovery Channel; HGTV; Food Network; OWN; Investigation Discovery; TLC; Magnolia Network | WBD’s factual, lifestyle, home, food and reality brands added to Paramount’s existing portfolio |
What Larry and David Ellison would—and would not—control
They would influence a much larger media company
Through control of Paramount, the Ellison family would stand above a company with two major studio groups, three named streaming services, CBS and CNN, sports operations, and a broad cable-network portfolio. Corporate decisions about budgets, leadership, distribution and strategic priorities would be made through the combined Paramount organization and its governance process.
They would not personally receive individual brands
It is inaccurate to say that “Larry Ellison owns CNN” or that “David Ellison personally gets HBO.” The supported description is that Paramount would own WBD, while the Ellison family would remain the controlling shareholder and a principal financial backer of Paramount.
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David Ellison’s executive position
David Ellison is Paramount’s chair and chief executive. In the February 27 announcement, he said: “From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company.” The statement describes management’s rationale; it does not change the distinction between corporate control and personal ownership.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What conditions were attached to the proposed merger?
Five-year film and production commitments
In a September 21, 2026 settlement with 12 state attorneys general, Paramount agreed to release at least 30 theatrical films per year during the first two years and at least 32 per year during the following three years. At least four releases each year must be independent films.
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The settlement also requires at least $300 million in additional annual domestic production-job spending for five years, a stated total commitment of $1.5 billion.
Workforce, arts and cable provisions
Terms reported by Axios include annual payments of $9.5 million for five years to workforce-training and community-arts organizations, separate negotiations concerning cable packages, and a news editorial-independence board intended to support editorial independence at CBS and CNN. The board is a structural safeguard, not a guarantee of particular future coverage or editorial decisions.
Regulatory and legal status
The Associated Press reported that the settlement still required judicial approval. The WGA settled its lawsuit but continued to say it believed the merger would harm writers and the broader industry, and said it would proceed without government enforcers. The state settlement therefore was not unanimous support for the deal and did not establish that every legal dispute had ended.
Earlier, the U.S. Department of Justice said its review found the merger was not likely to harm competition in streaming video on demand, linear television, or theatrical-film development, production or distribution. That is the department’s stated assessment, not an assurance that all competitive concerns are eliminated.
What remains uncertain if the deal closes?
- Closing date: The transaction was still pending in the latest reported status.
- Implementation: A completed acquisition would still leave management to decide how studios, streaming services, newsrooms, sports operations and cable networks are organized and distributed.
- Synergies: Paramount forecast more than $6 billion in expected synergies. That is management’s projection, not a realized saving.
- Editorial outcomes: The proposed independence board and settlement commitments set conditions, but they cannot predict future CBS or CNN editorial decisions.
- Industry effects: The DOJ’s conclusion addresses its competition review; the WGA’s continuing opposition reflects unresolved concerns among writers and other industry participants.
The practical answer to the headline
If Paramount completes the acquisition, Larry and David Ellison would help control Paramount, and Paramount would control Warner Bros. Discovery’s businesses. The resulting portfolio would include Paramount Pictures, CBS, Paramount+, Nickelodeon, MTV and other Paramount brands alongside Warner Bros., HBO Max, CNN, Discovery Channel, TNT Sports, HGTV, Food Network and the other WBD businesses named in the agreement. Calling those assets “personally owned” by either Ellison would misstate the announced corporate structure.
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