Island Air (Hawaii) (Honolulu) has been acquired by Oracle's Chief Executive Officer Larry Ellison, a billionaire who also owns 97% of Lanai island in Hawaii. Rumors about the transaction had first been reported in mid-January and Island Air's CEO Les Murashige has now confirmed the acquisition. Island Air has now received FAA authorization to start operating its first of three ATR 72-200s that will replace its aging Dash 8-100 fleet.