In an interview with CNBC, Skydance CEO David Ellison revealed that Tom Cruise, the star of Paramount's Mission Impossible and Top Gun franchises, is fully supportive of the planned merger between Skydance and Paramount. Ellison expressed his gratitude for the overwhelming support received from the entertainment community.

Ellison emphasized the great opportunity presented by the merger, highlighting the prospect of having one of the first owned and operated studios that can think long term and focus on the future. He expressed excitement over the prospect of taking a long-term approach to the business and the positive response from renowned filmmakers and artists.

With nine successful movies made together, Ellison praised Tom Cruise as one of the greatest and most talented artists in the world, further emphasizing his support for the merger.

During the interview, Ellison also discussed his family's investment philosophy and its influence on the merger. Citing examples such as Oracle's successful transition, Ellison expressed his comfort with businesses in transition and the belief in the ability to create a media company of the future that combines art and technology.

Asked about the possible involvement of his father, billionaire Oracle co-founder Larry Ellison, in the new Paramount, David Ellison acknowledged his strong relationship with his father but refrained from providing specific details, stating that there were certain matters he could not speak about during this interim period.

The proposed merger between Skydance and Paramount was announced on Sunday night after months of negotiations with controlling shareholder Shari Redstone. The deal allows Skydance, along with backers including Larry Ellison and RedBird, to acquire Redstone's family holding company National Amusements, which controls Paramount.

As part of the deal, Skydance will invest $1.5 billion in Paramount, and the two companies will merge. Skydance plans to buy out all Class A voting shares for $23 each, along with a portion of non-voting Class B shares for $15.

While Hollywood expresses satisfaction with the preservation of Paramount's historic backlot and the assurance that private equity won't have unchecked control, Paramount staff may have concerns about the substantial $2 billion in cost savings outlined by Ellison, which includes the previously identified $500 million in cuts proposed by the outgoing executives earlier this year.

The management structure of the merged company is yet to be fully disclosed. However, it is confirmed that David Ellison will assume the role of CEO, and Jeff Shell will be president.

The proposed merger is currently undergoing a 45-day "go shop" period, allowing other interested bidders to make a move. However, with the expectation of a smooth regulatory process, the deal may close sooner than the anticipated nine-month timeline.