David Ellison

Timeline

1. 2024-07-07Skydance agreement set the terms for control of Paramount and CBSTransaction completed August 7, 2025led buyer requiring Trump-era FCC approval · documented · 2 sources
   1. investmentNew Paramount primary capital$1.5 billion

      Committed investor / source

      Skydance investor group

      Committed investment recipient

      New Paramount

   2. equityInvestor-group pro forma ownershipapproximately 70% percent of pro forma shares

      Estimated ownership holder / recipient

      Skydance investor group

   3. paymentNational Amusements cash acquisition$2.4 billion

      Committed by / source

      Skydance investor group

      Committed to

      National Amusements shareholders

   4. paymentPublic-shareholder consideration$4.5 billion

      Committed by / source

      Skydance investor group

      Committed to

      Paramount public shareholders

2. 2025-08-07Paramount-Skydance merger closed after FCC approvalMerger completedbecame CEO after Trump-era approval · documented · 3 sources
3. 2025-10-06Paramount acquired The Free Press and installed its founder at CBS NewsAcquisition completed; editorial appointment in effectappointed CBS editor after Trump-era approval · documented · 5 sources
4. 2025-12-10Gulf state funds supplied $24 billion of Paramount's initial WBD bid backingForeign fund governance rights surrendered; Affinity later withdrewmedia executive closely allied with Trump · reported · 4 sources
   1. investmentForeign sovereign-fund bid financing$24,000,000,000

      Committed investor / source

      Saudi PIF, Qatar Investment Authority, and L'Imad Holding Company

      Committed investment recipient

      Paramount Skydance's Warner Bros. Discovery bid financing

5. 2025-12-21Bari Weiss held a scheduled CBS report on Trump deportees sent to CECOTPulled from the December 21, 2025 broadcastoversaw CBS parent during report hold · reported · 1 source
6. 2025-12-22Paramount's WBD offer carried a $40.4 billion Ellison guaranteeOffer superseded by later revised bid and definitive agreementmedia executive closely allied with Trump · documented · 2 sources
   1. commitmentLarry Ellison funding guarantee$40,400,000,000

      Committed by / source

      Larry Ellison

      Committed toward / intended recipient

      Paramount Skydance's Warner Bros. Discovery bid financing

   2. commitmentDecember cash offer per share$30 per share

      Committed by / source

      Paramount Skydance

      Committed toward / intended recipient

      Warner Bros. Discovery shareholders

   3. commitmentMaximum bridge-debt commitmentsup to $54,000,000,000

      Committed by / source

      Bridge-debt providers identified in the amended tender filing

      Committed toward / intended recipient

      Paramount Skydance's Warner Bros. Discovery bid financing

7. 2026-02-10Revised WBD bid raised Ellison's operative guarantee to $44.6 billionRevised offer superseded by February 27 definitive agreementmedia executive closely allied with Trump · documented · 2 sources
   1. commitmentRevised debt commitments$54,000,000,000

      Committed by / source

      Debt-commitment providers identified in Paramount's filing

      Committed toward / intended recipient

      Paramount Skydance's revised Warner Bros. Discovery bid financing

   2. commitmentRevised Ellison guarantee$44,600,000,000

      Committed by / source

      Larry Ellison

      Committed toward / intended recipient

      Paramount Skydance's revised Warner Bros. Discovery bid financing

8. 2026-02-27Larry Ellison guaranteed $45.72 billion of final merger considerationGuarantee effective for specified merger obligationsmedia executive closely allied with Trump · documented · 2 sources
   1. commitmentGuaranteed merger consideration$45,720,000,000

      Committed by / source

      Larry Ellison and the Ellison Trust

      Committed toward / intended recipient

      Warner Bros. Discovery under merger agreement

9. 2026-02-27Paramount and WBD signed a $110 billion enterprise-value dealDefinitive agreement signed; closing contested and subject to conditionsmedia executive closely allied with Trump · documented · 3 sources
   1. commitmentDefinitive cash price per share$31 per share

      Committed by / source

      Paramount Skydance

      Committed toward / intended recipient

      Warner Bros. Discovery shareholders

   2. commitmentAnnounced enterprise value$110,000,000,000

      Committed by / source

      Paramount Skydance financing sources

      Committed toward / intended recipient

      Warner Bros. Discovery security holders and creditors

10. 2026-05-12House Democrats sought Ellison records on merger contacts and editorial commitmentsCongressional records request issued; no adjudication in reviewed recordmedia executive closely allied with Trump · alleged · 2 sources
11. 2026-06-12Justice Department closed its Paramount-WBD investigationFederal antitrust investigation closed; state challenge later filedmedia executive closely allied with Trump · reported · 3 sources
12. 2026-07-22EU approval required divestiture of a concentrated advertising interestEuropean Commission conditional approval grantedmedia executive closely allied with Trump · reported · 2 sources
13. 2026-07-24Twelve-state challenge bars Paramount-WBD closing pending a merits rulingClosing and integration barred until five days after a merits ruling or June 1, 2027media executive closely allied with Trump · reported · 3 sources

    12 statesState plaintiffs · 2026-07-20

14. 2026-08-04David Ellison hosted Trump and joined his White House birthday eventDirect contacts reported through June 2026Paramount chair with direct presidential access · reported · 1 source