Billionaire tech mogul Larry Ellison is personally investing $6 billion as part of Skydance's agreement to merge with media behemoth Paramount.
He will be putting up a majority stake in the deal, which is valued at a reported $8 billion, and was announced by the companies over the weekend.
Ellison is the founder of tech giant Oracle and entertainment company Skydance, and is worth an estimated $179 billion according to Forbes.
The new combined company, which would be known as "New Paramount" is valued at around $28 billion. Ellison during a conference call with investors outlined his vision for the new company saying “you’ve watched some incredibly powerful technology companies move into the … media space and do so very successfully."
Paramount owns and operates major media brands like CBS News, Turner Sports, Comedy Central and MTV.
The Associated Press contributed.
