Larry Ellison, the world’s fourth-richest man and co-founder of software firm Oracle, will be the new controlling shareholder of Network Ten after a group led by his son David completes a deal for its parent company, Paramount Global.

The older Ellison is backing his son’s proposal to buy the Redstone family’s stake in National Amusements, the entity that holds the majority of Paramount’s voting shares. The deal is worth more than $US8 billion ($11.9 billion).