Ellison, son of Oracle founder Larry Ellison, has held discussions with Paramount about merging it with Skydance Media, after he takes control, the report said citing people familiar with the matter. Both sides have hired advisers and are exchanging financial information, the report added.
National Amusements and Ellison declined to comment. Paramount did not immediately respond to a Reuters request for comment.
Reuters had reported earlier this month that Ellison was exploring an all-cash bid for National Amusements.