The Oracle founder is backing his son’s $8 billion proposal to buy out Shari Redstone’s controlling interest in Paramount Global.

David Ellison is poised to become Paramount Global's new CEO, but his father, Larry Ellison, will be controlling owner of the company, according to a recent federal filing.

Thanks to a series of filings made on Thursday, the FCC is now in position to approve the transfer of control of National Amusements, Inc. to Skydance Media — the Southern California-based entity that intends to merge with Paramount Global and assume control of the owner of CBS News & Stations.

(Reuters) -CBS parent Paramount Global will be controlled by software billionaire Larry Ellison after Skydance Media completes its purchase of the Redstone family's interest in the film and TV company,

Paramount Global, the parent of CBS, will be controlled by software billionaire Larry Ellison after a group led by his son David completes its purchase of the Redstone family’s interest in the film and TV company,

Skydance and Paramount Global highlighted the impact that their proposed merger will have on CBS and local stations in a filing with the FCC that is part of initial steps to secure regulatory approval.

Paramount Global (NASDAQ:PARA) will be controlled by Larry Ellison, the billionaire co-founder of Oracle (ORCL), through a series of trusts and companies after a group led by his son David's firm Skydance Media takes over the Redstone empire.