"And Wednesday is a reminder of why Ellison can spend a lot of money on his media business: His father, Larry, who financed the Paramount deal, is very, very, very wealthy. As of Wednesday, the Oracle cofounder was the wealthiest man in the world, due to a spike in Oracle stock that brought his net worth to an estimated $400 billion."
"David Ellison has been on a spending spree since he took over Paramount a few weeks ago: He has shelled out $7 billion for the rights to stream the UFC; struck a deal with the star producers behind "Stranger Things," and secured the rights to a "Call of Duty" movie. That list doesn't include the $1.5 billion deal Paramount did with the creators of "South Park," which was finalized before Ellison took control, but made with his blessing."
"To be clear: David Ellison is not using his father's wealth to directly finance any of his recent dealmaking. Paramount remains a publicly traded company and will pay for the programming and acquisitions it makes on its own. It is also expected to go through another wave of layoffs this fall to bring some of its other costs down."
David Ellison has rapidly spent large sums since acquiring Paramount, securing $7 billion for UFC streaming rights, a deal with the producers of "Stranger Things," and rights to a "Call of Duty" movie. Paramount also completed a $1.5 billion deal with the creators of "South Park" before the acquisition. David's dealmaking is funded by Paramount as a publicly traded company, not directly by his father's current wealth. Larry Ellison financed the Paramount purchase and now has an estimated $400 billion net worth, providing David strategic flexibility and a near-infinite timeline while the company plans further cost cuts and layoffs.
Read at Business Insider
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