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Skydance pushed back, saying Tencent would own only about 5% of Paramount nonvoting shares.

Enter journalism’s first billionaire savior, Warren Buffett, who bought a significant amount of low-priced nonvoting shares.

Unlike the D.C. nonvoting delegate in the House—since 1991, Rep. Eleanor Holmes Norton—the district’s two shadow senators and one shadow representative cannot serve on committees or speak on the floor of the House or Senate.

Skydance won support of Paramount’s board, in large part, by carving out $4.5 billion to buy shares from Paramount investors, including nonvoting Class B shares at $15 a share.

But the bulk of the equity is held by nonvoting Class B shareholders — and that’s the problem, Elson said.