According to information obtained by TheWrap, Larry Ellison is primarily funding his son David Ellison’s Skydance Media merger with Paramount.
The Paramount acquisition by Skydance Media is funded by Oracle founder Larry Ellison and his family with $6 billion, while private equity firm RedBird Capital Partners adds the remaining $2 billion.
Notably, Larry Ellison is the fifth richest person in the world, with a net worth of $180 billion, according to Forbes. Additionally, Gerry Cardinale who is the founder of RedBird mentioned that this is his firm’s largest investment to date.
The deal has been closed after about seven months of pursuing Shari Redstone, who holds the majority voting power in Paramount Global. The deal marks a big transition for Paramount Global as the power shifts from the Redstone family who have been deeply intertwined with the ups and downs of the traditional entertainment industry to Skydance’s CEO David Ellison.
David Ellison said, “This is a defining and transformative time for our industry and the storytellers, content creators, and financial stakeholders who are invested in the Paramount legacy and the longevity of the entertainment economy. I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount. We are committed to energizing the business and bolstering Paramount with contemporary technology, new leadership and a creative discipline that aims to enrich generations to come.”
Skydance Media, known for blockbuster hits like “Top Gun: Maverick” and “Mission: Impossible – Dead Reckoning,” aims to revamp Paramount with a tech-driven strategy, targeting the turnaround of Paramount+ and broadcast powerhouse CBS in its transformation plans for the legacy studio.
Shari Redstone, said, “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. We believe in Paramount and we always will.”