Larry Ellison personally invests $6 billion in Paramount, Skydance deal

Billionaire tech mogul Larry Ellison is personally investing $6 billion as part of Skydance's agreement to merge with media behemoth Paramount.

He will be putting up a majority stake in the deal, which is valued at a reported $8 billion, and was announced by the companies over the weekend.

Ellison is the founder of tech giant Oracle and entertainment company Skydance, and is worth an estimated $179 billion according to Forbes.

The new combined company, which would be known as "New Paramount" is valued at around $28 billion. Ellison during a conference call with investors outlined his vision for the new company saying “you’ve watched some incredibly powerful technology companies move into the … media space and do so very successfully."

Paramount owns and operates major media brands like CBS News, Turner Sports, Comedy Central and MTV.

The Associated Press contributed.