Other winners in latest tech deal: Ellison's film-making kids
LOS ANGELES — Hollywood stands to benefit from the latest big tech merger.
Larry Ellison children Megan and David are some of the top investors reaping a windfall from Oracle's deal to buy NetSuite, the cloud-computing company, for $9.3 billion.
Already worth “hundreds of millions” of dollars, according to Forbes, which cites dad as the world’s 7th richest person ($43 billion), the two adult Ellison children just added an estimated $140 million to their nest egg.
Together, the two filmmakers own 7.1% of NetSuite, with David owning 4.2% of outstanding shares and Megan 2.9%, according to securities filings and S&P Global Market Intelligence.
NetSuite shares rallied 18% on Thursday after Oracle said it had agreed to buy the company for $109 a share in cash, and extended their rise Friday.
That means the 5.7 million shares, worth $478 million on Tuesday before rumors of the deal sent shares up 9% the following day, are now worth an estimated $617 million.
Could some of that end up on the big screen?
Both are prolific film producers. David is best known for high-concept audience movies, as a co-financier and co-producer with Paramount Pictures for Mission: Impossible and Star Trek films. Younger sister Megan (by 3 years) focuses on more arty projects. She’s a three-time Academy Award nominee for the films Zero Dark Thirty, American Hustle and Her. Her production company Annapurna also produced the recent film Joy with Jennifer Lawrence.
According to the Los Angeles Times, Megan recently paid $40 million to buy five buildings in West Hollywood for her company.
Both Megan and David Ellison are dropouts from the University of Southern California film school, and grew up primarily with mom Barbara Boothe, Ellison’s third wife, who divorced the tech CEO when David was a toddler and Megan was newborn.
But both have built their Hollywood careers with funding from the family.
Megan has rarely been interviewed; David, an avid pilot, is more vocal. GQ profiled him, and he's done movie press for projects. He talked to Slashfilm in 2015 to plug Terminator Genisys, the film he produced with Megan, and talked about his inspiration.
“One of my many mentors was Steve Jobs and I literally got to see (animation studio) Pixar built from the ground up when I was a kid," he said.
The late Apple co-founder was also CEO of Pixar, best known for animated hits like Finding Dory and Toy Story.