20 years ago, David Ellison’s flop as an actor stressed him out so much he went to the hospital. Now he’s set to own Paramount and Warner

In its debut film, Skydance Productions released a special effects-laden World War I drama about fighter pilots with a starring role for an unknown actor, the company’s founder, David Ellison.

It was a box office bomb.

Twenty years later, in a twist fit for Hollywood itself, the tiny studio once brushed off as a billionaire scion’s vanity project is poised to be an entertainment behemoth. With that once-unknown actor at its helm and a merger with Paramount already under its belt...