UPDATE: Nikki Finke's reaction to the deal:
Let's agree on this: Hollywood remains a haven for nepotism. It also opens its arms to anyone with money. So Oracle founder/CEO Larry Ellison's 27-year-old son is welcomed as long as he's coming up with $350M to co-fund movies. Funny how Hollywood didn't much care for him when he was just an actor.
LOS ANGELES (AP); Paramount Pictures, Viacom Inc.'s movie studio, says it has cut a four-year film co-financing deal with Skydance Productions, which is run by the son of Oracle Corp. founder Larry Ellison.
Skydance plans to make four to six movies per year that focus on big-budget action, adventure, science fiction and fantasy genres, as well as middle-budget comedies and other movies
Skydance, run by 27-year-old David Ellison, has raised $350 million for the projects.
The first films to be co-financed are "Mission: Impossible 4," starring Tom Cruise, and "True Grit," starring Matt Damon and directed by the Coen brothers.
Skydance has the option to co-finance most Paramount productions, while Paramount can take part in all Skydance productions.