Not even a day after Oracle founder Larry Ellison became the world’s richest person, according to the Bloomberg Billionaires Index, his son, David Ellison, CEO of Paramount Skydance, is preparing to make a majority-cash takeover bid for Warner Bros. Discovery, the Wall Street Journal reported, citing people familiar with the matter.
WSJ sources said the majority-cash takeover is entirely “backed by the Ellison family” and would mean the deal includes Warner Bros’ cable TV networks and iconic Hollywood studio. Warner had previously announced plans to split into two units (read here), one for its legacy cable operations and another for its streaming and studio operations.
Shares of Paramount Skydance jumped 7.7% on the news.
Shares of Warner Bros. jumped a whopping 35%.
David Ellison’s Paramount Skydance-Warner Bros. deal comes just after his father became the world’s richest person on Wednesday, following a massive spike in Oracle stock driven by quarterly results that beat analysts’ expectations (view the chart that sent shares to da moon). According to the Bloomberg Billionaires Index, Larry Ellison’s net worth has surged to $383.2 billion, surpassing that of Elon Musk.
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