July 19, 2024

Larry Ellison is providing the majority of the money for son David Ellison’s Skydance Media merger with Paramount, TheWrap has learned.

The founder of Oracle and his family are contributing $6 billion to the deal while private equity firm RedBird Capital Partners will contribute the remaining $2 billion.

According to Forbes, Larry is the fifth richest person in the world with a net worth of $180 billion.

RedBird founder Gerry Cardinale further stated this is his firm’s biggest investment to date.

Following on-and-off-again talks with Paramount, Skydance Media agreed on Sunday to merge with the historic studio in a deal that includes the purchase of Shari Redstone’s National Amusements.

“The tech companies have obviously been pushing very significantly into the media space,” Skydance CEO David Ellison told TheWrap in a media call on Monday, referring to Apple, Amazon and Netflix. “We believe what is required to meet this moment is to obviously have a traditional media company like Paramount expand into both a media and technology company.”

Skydance, whose hit productions include box-office smashes “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning,” plans a tech-focused approach to transforming the legacy company by focusing on struggling streamer Paramount+ and broadcast giant CBS.

Redstone said in a press release that the deal fortifies Paramount “for the future while ensuring that content remains king.”

“Our hope is that the Skydance transaction will enable Paramount’s continued success in this rapidly changing environment. As a longtime production partner to Paramount, Skydance knows Paramount well and has a clear strategic vision and the resources to take it to its next stage of growth,” she added. “We believe in Paramount and we always will.”

After the merger, the new company will be valued at $28 billion, with David as CEO. Also on Monday, he told reporters his first job was writing code for his father, whom he says he talks to “all the time.”

Another of Larry’s recent investments includes backing Republican presidential candidate Tim Scott in 2023.

Axios first reported this story.