Ellison dynasty eyes US media empire with Paramount move, potential Warner Bros Discovery bid

Tech billionaire Larry Ellison and his son, David Ellison, are expanding their footprint in U.S. media with a string of deals that could bring major outlets under the Ellison umbrella. The latest move centers on Paramount, where Skydance — backed by Larry Ellison — completed a takeover last month, a development that gives the family control over a sprawling operation with more than 18,000 employees and a hand in film, television and streaming.

Ellison's wealth has surged in the past year, with his fortune closely tied to Oracle, where he holds roughly a 40 percent stake. The company’s stock gains have helped push his net worth to about $370 billion, and he briefly topped the list of the world's richest person earlier this year before Elon Musk reclaimed the spot. Oracle’s involvement with TikTok during Trump’s first term placed the company at the center of a White House-brokered effort to steer U.S. user data and the content recommendation algorithm; under the deal, Oracle is poised to take on a larger role, including retraining the algorithm that serves up content. The White House has also suggested that the Murdoch family could be involved in related arrangements.

David Ellison, now at the helm of Paramount through Skydance, has built a separate media footprint with his production work. Skydance has produced major films and television projects since its 2010 founding, and Ellison has pushed the company into television, gaming and sports. The Paramount takeover marks a significant leap into a broader media empire, placing Ellison in charge of a company with CBS as a major news operation and a staff numbering in the tens of thousands. The deal required federal regulatory approval, with the Federal Communications Commission overseeing broadcasting in the United States and a Trump-aligned commissioner, Brendan Carr, leading the review. In the wake of the approval, Skydance has moved to install governance changes at CBS, and the company has signaled a shift in how its political programming is presented, a move the administration has publicly encouraged.

The Ellisons have also signaled ambitions beyond Paramount. They are said to be preparing a bid for Warner Bros Discovery, the media giant behind Looney Tunes, Harry Potter, Superman, HBO and CNN. A Warner Bros Discovery deal would require clearance from competition regulators and could create one of the largest media platforms in the United States. On the investor side, analysts see potential in combining distribution power and a vast content library that could challenge Disney and Netflix. Still, industry observers note that David Ellison’s background as a filmmaker may set him apart from tech titans who acquire media properties for prestige, and some say news remains a relatively smaller financial component of that vision. One analyst described the move as a content-focused expansion rather than a direct push into news ownership.

Executives close to Skydance have defended the strategy, emphasizing independence and objectivity as core investment principles. A partner in the Paramount deal stressed that the arrangement centers on disciplined, independent management rather than exerting political influence over content. Other executives have pushed back on the notion that the new ownership would dictate coverage, arguing the plan is to maintain editorial separation and a focus on entertainment. Still, the reality of a tech-backed media push has raised questions about political optics and the balance of power within U.S. media.

Analysts note that the Paramount move has energized Wall Street, with some investors seeing a broader consolidation play that could rival Disney and Netflix in scale. They emphasize that David Ellison’s leadership of Paramount is a departure from the traditional tech mogul approach to media, and they caution that growth will hinge on successful integration of production, distribution and legacy outlets. While not framed as a direct play on news, observers say the Paramount-Skydance path could eventually influence how a major news network operates within a larger content ecosystem, particularly if ties to Warner Bros Discovery come to fruition.

Reaction to the concentration of media assets has been mixed. Critics on the political left have argued that Ellison’s ties to the Trump administration could shape coverage, with watchdog groups warning about the implications for democracy. Senators and House Democrats have raised concerns about potential side deals and antibribery rules, particularly in light of a separate settlement involving Trump and CBS that preceded the Paramount review. David Ellison has said that Skydance has remained compliant with anti-bribery laws and that the firm is focused on entertainment and storytelling rather than politics. He has also indicated that the company intends to maintain a broad audience while avoiding partisan entanglements, though timing and specifics of governance remain under scrutiny.

As the situation unfolds, industry observers emphasize the broader trend of technology wealth expanding into traditional media and the regulatory and political frictions that accompany such moves. Some see opportunity in a more integrated, content-forward strategy that leverages a large library of franchises and a global distribution network; others warn that heightened political scrutiny and antitrust review could slow or constrain consolidation. The Ellison portfolio, with Paramount at the center and potential bids on Warner Bros Discovery on the horizon, illustrates a pivotal moment in the evolving balance between technology power, media ownership and political influence.