David Ellison is set to become the next chief executive of Paramount Global, putting him in charge of some of Hollywood’s biggest brands including Paramount Pictures, CBS, MTV, Nickelodeon, and BET.
After months of on-and-off talks, Ellison’s Skydance Media and Paramount Global have agreed to merge.
As part of the deal, an investment group that includes Skydance, the Ellison family, and RedBird Capital Partners will acquire National Amusement, the holding company that owns a majority of Paramount, for $2.4 billion. Skydance will then merge with Paramount in a $4.5 billion stock deal and invest $1.5 billion in Paramounts balance sheet.
Ellison will then become CEO of the new merged entity, which a press release of the deal called a “ a world-class media and technology enterprise.”
“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,” Ellison said a press release. “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.”
Here is all you need to know about the 41-year-old Hollywood mogul.
👦 Son of Oracle founder Larry Ellison
If you think you’ve heard the Ellison name before, you probably have. David Ellison is the son of Larry Ellison, the founder of the data giant Oracle. Larry Ellison is the seventh richest man in the world with a net worth of about $160 billion. He was one of the investors in the Skydance-Paramount merger.
As the son of billionaire, Ellison’s upbringing was unique. He got his pilot’s license when he was a teenager and flew aerobatics since he was 14.
Before working behind the scenes, Ellison was an actor and appeared in several movies including a starring role in the 2006 film Flyboys.
Flyboys was also the first movie Ellison produced under Skydance Productions. The production company, which would later become Skydance Media, was founded by Ellison, with the help of his father, in 2006.
🎥 CEO of Skydance Media
In 2009, Skydance entered a multi-year partnership with Paramount Pictures, the deal was expanded twice and ended in 2021.
Under Ellison’s leadership, Skydance has produced huge blockbusters like Mission Impossible — Fallout, which grossed $220 million. The companies other popular films include Top Gun: Maverick, True Grit, and Star Trek Beyond.
The company has expanded to produce television shows, video games, in 2021 launched a sports-focused production company.
🍿A new kind of Hollywood mogul
Ellison’s vision for Paramount leans heavy on tech.
He laid out his plans for the company in a call with Wall Street analysts on Monday. On the call, Ellison said he wants to position the company to expand into a “tech hybrid.”
Ellison highlighted Skydance’s partnership with Oracle, his own mentorship with Steve Jobs, and his plans to revamp the Paramount’s streaming platform.
“Our intention is to rebuild the Paramount+ platform,” Ellison said. “And believe that with the technological prowess and relationships that we have, we can expand our DTC (direct-to-consumers) business,” Ellison said
In addition, Ellison and other Skydance executives have said they have identified at least $2 billion worth of cuts that could be made in the company.