Elon Musk has invested around $1 billion in new media company Skydance, according to a new report from Semafor. News of the investment comes weeks after Paramount completed its acquisition of Warner Bros. Discovery for $110 billion to create the combined company.
Co-CEOs David Ellison and Ynon Kreiz are responsible for bringing together two major streaming platforms, Paramount+ and HBO Max, as well as a portfolio of networks, including CBS, CNN, MTV, TBS, Comedy Central and Food Network, under one company.
Semafor reports that Musk’s investment was made around the same time as equity infusions from other Skydance investors, including board member Laurene Powell Jobs. The investment will provide a much-needed financial boost as the company seeks to cut costs and increase its share price, the report notes.
Skydance has already committed to cutting costs by $6 billion over the next three years.
Musk has publicly praised the Ellisons in the past and has close ties to Larry Ellison, whom he named to Tesla’s board of directors in 2018. The Oracle founder invested $1 billion to help Musk buy Twitter in 2022 and also invested in Tesla in 2018.
Skydance did not immediately respond to TechCrunch’s request for comment.
Gn bussni
