David Ellison Closes In on Hollywood Prize: Paramount Global (1)

David Ellison, movie producer, tennis fanatic and heir to a technology fortune, is on the verge of adding another title: media mogul.

Ellison is in negotiations to take charge of Paramount Global, the media giant that owns CBS, MTV and Nickelodeon. He and his backers have agreed to pay a little more than $2 billion for Shari Redstone’s National Amusements, the family company that controls Paramount.

But that deal won’t close unless Ellison can merge his production company, Skydance Media, with Paramount, and a number of hurdles stand in his way, including how to satisfy ...