Lots of negativity in this thread, but that seems to be par for the course for any fandom. Personally I'm cautiously optimistic.
Skydance produced/co-produced (often partnering with Paramount) on a number of franchise movies, including Star Trek, Mission Impossible, Jack Reacher, Top Gun, GI Joe, Terminator, The Old Guard and Spy Kids. Some of their productions have been well-received (eg Mission Impossible, Top Gun Maverick) and others less so (Terminator Genysis and Dark Fate, although personally I quite liked Dark Fate). They've also produced smaller, critically acclaimed movies like True Grit, Annihilation and Air; as well as their share of dreck of course, like Geostorm.
What I think is clear though is that Skydance is primarily interested in big franchises, so if they were to acquire Paramount, I think more Star Trek movies would very likely be in the works which, as a fan, I'd be happy about. I know there's an argument that Trek is best suited to TV, but some of the best Star Trek has been big screen Star Trek. And studios are more willing these days to have franchises run across both TV and film concurrently (MCU, DC, Star Wars), granted with mixed success.
Re Larry Ellison's involvement - my guess is that he'd be a silent partner, putting some of his personal fortune - rather than Oracle's funds - to help out his son. I believe he did the same thing for his daughter, Megan Ellison, whose company Annapurna Pictures he helped fun and which went on to produce films like Her, Zero Dark Thirty, Phantom Thread and Books Smart (and the stage musical A Strange Loop). I doubt Larry Ellison will take a hands-on role in the management of Skydance/Paramount.