Larry Ellison personally invests $6 billion in Paramount, Skydance deal

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 is the father of David Ellison, who founded entertainment company Skydance. Larry Ellison 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, Comedy Central and MTV.

The Associated Press contributed.

Updated: 4:09 p.m.