David Ellison's production company Skydance Media is one of the leading contenders to acquire the floundering entertainment giant Paramount Global, according to a new report.

The jet-setting, super-car driving son of Oracle founder Larry Ellison has differentiated himself from the rest of the offspring of billionaires by setting out on his own as a successful media mogul. 

And now roughly 14 years after Ellison founded Skydance, the company is on the cusp of taking over a powerful brand that has a massive library of classics such as the 'The Godfather,' 'Indiana Jones,' 'Braveheart,' 'Titanic,' and countless more.

If the deal is successful, the 41-year-old will also acquire Paramount's sprawling array of assets including CBS Entertainment, the BET, MTV, Nickelodeon cable channels and a national movie theater chain, reports the LA Times. 

The proposed deal would see Skydance take over the parent company National Amusements, which owns nearly 80 percent of Paramount Global's voting shares for $2 billion in cash.

David Ellison, CEO of Skydance Media, attends the 81st Annual Golden Globe Awards at The Beverly Hilton on January 7, 2024

David Ellison pictured with his wife Sandra Lynn Modic at Super Bowl LVII in 2024

David Ellison (pictured left) is an avid pilot, a hobby he engaged in with his father as early as 13 years old

This would be followed by Paramount Global buying Skydance in an all-stock-deal for $5 billion, presumably so the household name Paramount could carry on.

National Amusements president and Paramount Global non-executive chairwoman Shari Redstone reportedly supports the Skydance acquisition, but shareholders at large have pushed back, stating that the merger would benefit Redstone at the expense of average investors.

There's competition for Ellison's Skydance, which has been performing due diligence on Paramount since at least February, according to sources familiar with the matter. 

Sony Pictures is considering joining Apollo Global Entertainment's $26 billion bid for Paramount, a much larger offer than Skydance is prepared to go with.

Sony and Apollo will have to wait though, as Paramount's board have given Ellison an exclusive 30-day negotiation period, and Ellison is confident that he'll prevail, the LA Times reported. 

David Ellison could be at the helm of Paramount Global in a few short months

Producer David Ellison and Dwayne Johnson at the LA Premiere of 'G.I. Joe: Retaliation' held at the TCL Chinese Theatre on Thursday, March 28, 2013 in Los Angeles

Larry Ellison took 13-year-old David on flying lessons and staged mock dogfights over the Pacific. David is pictured with his family before taking a trip on their private plane

Larry Ellison has also made his children insanely wealthy, gifting them 90,000 shares of Oracle now worth billions. David is pictured here with his wife 

David Ellison (third from right) bankrolled Top Gun: Maverick, which grossed nearly $1.5 billion worldwide 

When Ellison (far left) founded Skydance, his father kicked in millions from Oracle's credit line to help his son get started in the movie production business

Oracle founder Larry Ellison, arrives with children Megan Ellison and David Ellison at the LA Premiere of 'Terminator Genisys' on June 28, 2015

Part of his confidence is likely thanks to his father Larry Ellison, who's been with his son in business and in life every step of the way. 

Current president of Paramount's parent company Shari Redstone attends premiere of 'Ghost in the Shell' at AMC Lincoln Square Theater on March 29, 2017 in New York City

Larry Ellison, worth $127 billion per the Bloomberg Billionaire's Index, owns a Hawaiian Island, a yacht racing team and two military fighter jets that the US government has prohibited the Oracle founder from piloting, Business Insider reported.

After elder Ellison took 13-year-old David on flying lessons and staged mock dogfights over the Pacific with his son, adult David can't seem to pry himself away from planes. 

His social media is flush with pictures of him flying planes, standing next to planes, and nerding out about different aircraft models.

It is therefore no wonder that Ellison bankrolled Top Gun: Maverick, which grossed nearly $1.5 billion worldwide and practically trapped the viewer in the cockpit with Tom Cruise.

Larry Ellison has also made his children insanely wealthy, gifting them 90,000 shares of Oracle. Those shares have since split 10 times, and are now worth billions.

Skydance co-financed 'Mission: Impossible,' 'World War Z,' 'Star Trek' and 'G.I. Joe: Retaliation' with Paramount, meaning the two companies have a pre-existing relationship. Pictured: A Ellison family trip, on a private plane. David is pictured fifth from the right  

Skydance expects to generate $1 billion in revenue in 2024 with plans to double that figure next year, according to the Wall Street Journal

David Ellison, Zack Van Amburg, Chris Evans, Ana de Armas, Dexter Fletcher, and Jamie Erlicht at the premiere of 'Ghosted' held at AMC Lincoln Square on April 18, 2023 in New York City

David Ellison's Skydance is offering $2 billion to acquire National Amusements, Paramount's parent company. Pictured: David's father's private Hawaiian island 

And in 2010, when Ellison founded Skydance, Larry Ellison put up a portion of his company's $150 million credit line to help fund Skydance's $350 million deal with Paramount to co-finance movies. 

The movies in question included 'Mission: Impossible,' 'World War Z,' 'Star Trek' and 'G.I. Joe: Retaliation.'

Now, years later, Skydance expects to generate $1 billion in revenue in 2024 with plans to double that figure next year, according to the Wall Street Journal. 

The question now among avid followers of the entertainment industry is whether the young, burgeoning media executive be successful - not just in taking over Paramount, but in transforming it into a successful company.

Ellison has major challenges ahead if he is to become the big boss at Paramount, which has long diversified from being just a movie studio.

Executive producer Dana Goldberg, executive producer David Ellison and Tom Cruise arrive at the LA premiere of 'Star Trek Into Darkness' at The Dolby Theater on Tuesday, May 14, 2013 in Los Angeles

Paramount lost $490 million from the streaming sector of its business in the last quarter of 2023. Ellison is pictured fourth from the right, among many famous faces 

Paramount also laid off 800 people directly after this year's Super Bowl, despite boasting record viewership

If the Skydance deal is successful, David Ellison will also acquire Paramount's sprawling array of assets. He is pictured with his wife 

Paramount lost $490 million from the streaming sector of its business in the last quarter of 2023, despite its flagship service Paramount+ adding 4.1 million subscribers over that same period. 

The company also laid off 800 people directly after this year's Super Bowl, despite boasting record viewership.

Amid all the uncertainty around the future of entertainment with the advent of AI generated content, large-scale strikes of actors and writers, and the profitability of streaming platforms, Ellison is stepping into a potential quagmire.

Larry Ellison's vast riches and tech connections could be just thing his son needs to pivot Paramount - a momentarily staggering bastion of the film industry - into a superstar brand once again.