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

The billionaire Oracle co-founder will own 77.5% of National Amusements, according to a regulatory filing with the FCC.

Edgar Bronfman Jr. is dropping out of the auction. "We continue to believe that Paramount Global is an extraordinary company.... We congratulate the Skydance team."

Producer David Ellison’s Skydance Media is set to become the new owner of Global after Seagram Co. heir Edgar Bronfman Jr. dropped out, ending one of the industry’s most dramatic acquisition contests.

We continue to believe that Paramount Global is an extraordinary company, with an unrivaled collection of marquee brands, assets and people. While there may have been differences, we believe that everyone involved in the sale process is united in the belief that Paramount’s best days are ahead.

Skydance co-owns some of the Paramount studio’s biggest blockbusters, including “Mission: Impossible,” “Top Gun: Maverick” and “Star Trek.” Ellison’s company also has been building an animation studio under John Lasseter, former Pixar creative executive.

Star Trek has officially landed new owners and I for one welcome our new Skydance overlords. After a contentious negotiating period between Paramount Global and Skydance, which saw the latter outfit propose an $8 billion merger between the two companies.

Paramount Global's special committee said Edgar Bronfman Jr. has withdrawn from bidding for Shari Redstone's media empire, setting the stage for the entertainment giant to be sold to David Ellison's Skydance Media.