Larry Ellison Scion Raises $350 Million

Life can be sweet when you’re the superrich kid of one of the world’s richest men. So it seems for David Ellison, the handsome, 27-year-old son of Oracle founder and head honcho Larry Ellison. According to the L.A. Times, after nearly a year in the market, Ellison has  raised $350 million to co-finance, produce, and distribute movies alongside Paramount Pictures under his own movie label, Skydance Productions.

The money — a $200 million revolving credit facility led by JPMorgan Chase and $150 million in equity, including from Dad — will reportedly be used to help fund up to six films a year.

David Shaheen, managing director of JPMorgan’s Entertainment Industries Group — which partnered with Bank of America, Comerica, and Union Bank among others on the deal — said that “the fact that David received support from such a broad group of banks in this very challenging credit market is a testament to his sound film investment strategy ad overall vision for Skydance.”

Whether Shaheen is ever taken seriously again remains to be seen. Another question is whether Ellison — who is right now co-producing “Mission: Impossible 4,” scheduled to hit theaters next Memorial Day weekend — continues to harbor any acting ambitions.

His bankers might hope not. After attending film school at USC, Ellison starred in and produced a 2006 film called “Flyboys” that USA Today characterized as “over-long” and “tedious” in one of the movie’s kinder reviews.

More recently, according to New York magazine,  teenage “Twilight” heartthrob Taylor Lautner backed out of a green-lighted project called “Northern Lights” when Lautner was told that Ellison wasn’t merely producing and financing the picture but planned to star opposite him, too.