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Larry Ellison, Oracle CEO, Buys Hawaii's Island Air

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Larry Ellison, America's third richest man, has purchased Hawaii's Island Air.

The Oracle CEO, who bought 98 percent of the island of Lanai last year, purchased the airline for an undisclosed sum, according to The Wall Street Journal.

The airline serves as a shuttle of sorts between the islands of Hawaii, offering 224 weekly flights.

It is much smaller than Hawaiian Airlines, which operates some 160 flights in the islands -- as well as flights back to the mainland, such as a direct JFK-Honolulu route, the Associated Press reports.

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