When David Ellison, the mega-rich aerobatic pilot and Ferrari-driving son of multibillionaire Oracle co-founder Larry Ellison landed in Hollywood, he was viewed as yet another trust fund scion with Klieg lights in his eyes and an enviable bank account.

Unlike most Hollywood neophytes of his ilk, however, Ellison did not flame out in ignominy or retreat much poorer for his efforts. Rather, Ellison (after a few hiccups) launched Skydance Media, a successful Santa Monica-based production company that has bankrolled a slew of massive box office and television hits such as "Top Gun: Maverick," "Star Trek" and "Grace and Frankie," and more recently, expanded into animation, sports and gaming. Two years ago, the company secured $400 million in funding, giving Skydance a valuation at more than $4 billion, and it now has 1,300 employees.

Today, Ellison's Skydance Media is a strong contender to acquire Paramount Global in a deal that would give the 41-year-old control of the storied movie studio behind "The Godfather" and "Chinatown," as well as a sprawling portfolio of assets including CBS Entertainment, the BET, MTV and Nickelodeon cable channels and a national movie theater chain — recasting Ellison from mega-rich Hollywood financier to even richer media mogul.

The proposed deal — it would see Skydance acquire National Amusements (the company that owns nearly 80% of Paramount Global's voting shares) for $2 billion in cash, followed by Paramount Global buying Skydance in an all-stock deal worth $5 billion — has been backed by Shari Redstone, Paramount's powerful nonexecutive chairwoman, but it is far from assured.

Shareholders have pushed back, saying the transaction would primarily benefit Redstone at the expense of regular investors. Earlier this month, in the midst of negotiations, four of the company's board directors resigned over the planned merger.

"The last thing the company shareholders need is yet another silver-spooned movie enthusiast to run our entertainment company into the ground," shareholder Blackwood Capital Management wrote in a blistering letter to Paramount's board.

And Ellison's bid faces some formidable competition: Sony Pictures Entertainment is in talks to join Apollo Global Management in its $26-billion offer for Paramount Global. Sony and Apollo must wait for an exclusive 30-day negotiation period that Paramount's independent board of directors has extended to Ellison.

A spokesperson for Ellison and Skydance declined to comment.

Despite the shareholder opposition, Ellison remains confident that his deal will prevail, although it's likely negotiations will continue beyond the 30-day period, said a source familiar with negotiations who was not authorized to comment.

If Skydance prevails in the Paramount takeover, it would represent a significant victory for Ellison and the latest consolidation in an industry still struggling from the upheaval caused by streaming and last summer's labor unrest.

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