Skydance, which is acquiring Paramount Global in an $8 billion merger, was founded by Oracle Chairman Larry Ellison's son.

Paramount Global said on Friday that the $8bn merger with Skydance Media that was approved by the US government this week is expected to close on August 7.

The merger between Skydance Media and Paramount Global is now official, following final approval from the Federal Communications Commission (FCC)

Oracle Corp is in negotiations with Skydance Media for a significant software deal, potentially worth $100 million, contingent on Skydance's acquisition of Paramount Global. Bloomberg reports that these discussions focus on enhancing cloud services once the acquisition is finalized.

The merger has faced scrutiny for what critics view as capitulations to Donald Trump, including a $16m settlement.