Larry Ellison, the founder of Oracle, is providing the majority of the funding for Skydance Media, a project led by his son David Ellison. The family will contribute $6 billion to the deal, with RedBird Capital Partners adding another $2 billion. Larry Ellison is considered the fifth richest person in the world, with a net worth of $180 billion according to Forbes. RedBird’s founder Gerry Cardinale described this as the company’s largest investment to date.
After discussions with Paramount, Skydance Media has agreed to merge with the historic film studio in a deal that also involves acquiring Shari Redstone’s National Amusements. Skydance CEO David Ellison spoke about the need for traditional media companies like Paramount to adapt to the changing landscape influenced by tech giants like Apple, Amazon, and Netflix. With blockbuster films like “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning” under its belt, Skydance plans to focus on technology to revitalize Paramount’s streaming service Paramount+ and broadcaster CBS.
In a press release, Redstone emphasized strengthening Paramount for the future and maintaining high-quality content. The merger will value the new company at $28 billion, with David Ellison assuming the role of chief executive. Larry Ellison has also recently invested in backing Republican presidential candidate Tim Scott in 2023. Axios was the first to report on this story.
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https://www.thewrap.com/larry-ellison-david-ellison-investment-skydance-paramount-deal/
