Larry Ellison’s New Hollywood Drama Is About to Debut

Oracle chair Larry Ellison's power in American business is about to expand. The Federal Communications Commission’s approval on Thursday of Ellison-backed Skydance’s takeover of film and TV icon Paramount Global cleared the last major hurdle standing in the way of the $8 billion deal. It’s expected to close on Aug. 7, when Larry Ellison’s son David will become CEO of a newly enlarged Paramount, owning CBS, Paramount studios, a bunch of TV channels, the Paramount+ streaming service and Skydance’s film and TV production business. The company will remain publicly traded. Hopefully Oracle and Paramount will coordinate their quarterly earnings calls so we don’t have to choose between the two Ellisons!

In the annals of inherited wealth, it’s hard to think of another example of a rich public-company founder financing his son in the takeover of another public company: Typically moguls focus on ensuring that their children succeed them at their own business. Larry Ellison’s willingness to back David’s adventures at Paramount is in that sense commendable—he’s helping his son make his own way. But it does set the stage for what’s sure to be a fascinating drama. The acquisition is, after all, something of a risky bet, given that Paramount isn‘t exactly the shiniest of the Hollywood jewels, what with its heavy exposure to slowly declining cable channels. What will happen between father and son if it all goes wrong?