Billionaire tech and media mogul Larry Ellison will control more than two-thirds of Hollywood giant Paramount and National Amusements under a massive merger in the works between the conglomerate and moviemaker Skydance.
Ellison, who reportedly put up more than $6 billion for the deal, would as a result control just over 77 percent of National Amusements, Bloomberg reported on Thursday, citing a new filing with the Federal Communications Commission.
The deal, announced earlier this summer, will create a media company dubbed “New Paramount” as part of a merger estimated to be valued at around $28 billion.
Ellison is a software tycoon and one of the richest people on Earth after founding Oracle. He is known for his large-scale investing across the technology and media sectors. He also has invested a portion of his wealth in social media platform X and has hosted fundraisers for former President Trump in previous election cycles.
Ellison’s son David will serve as the new company’s chief executive and preside over a national media brand that includes CBS, Comedy Central and MTV.
