Paramount’s David Ellison clarifies father’s involvement

Billionaire Larry Ellison ponied up the money for his family to acquire the controlling stake in Paramount two months ago, and the tech titan would need to write another huge check should Paramount buy Warner Bros. Discovery.

- By MEG JAMES

LARRY ELLISON, left, financed his family's take-over of Paramount, where his son David is now CEO.

(Eric Charbonneau Getty Images)

So, in Hollywood circles, the question has been: How involved is the elder Ellison in Paramount's strategy and operations?

Paramount Chief Executive David Ellison said he speaks with his father every day, but he drew an important distinction:

“Look, I run the company day to day. Make no mistake about that,” David Ellison said Thursday at Bloomberg’s Screentime media conference in Hollywood, adding that his father had been a “phenomenal” mentor and “we couldn't have a better relationship.”

“He is the largest shareholder in the business,” Ellison said. “What's important for everybody to know is the way he approaches this is: How do we maximize value for our shareholders? ... I think he’s best in the world for doing that.”

Since the Ellison family and RedBird Capital Partners acquired Paramount in August, its stock is up more than 50%.

Much of the run-up came last month after news leaked that Paramount was interested in acquiring Warner Bros. Discovery, which owns CNN, TBS, Food Network and one of Hollywood’s most prolific film and television studios.