Elon Musk has put roughly $1 billion into the newly created media firm Skydance, according to a report from Semafor. The announcement arrives weeks after Paramount finalized its $110 billion purchase of Warner Bros. Discovery, a deal that will merge the two companies under one roof. Skydance’s co‑chief executives, David Ellison and Ynon Kreiz, have been charged with integrating the streaming services Paramount+ and HBO Max, as well as a suite of networks that includes CBS, CNN, MTV, TBS, Comedy Central and Food Network.
Semafor says Musk’s investment was timed to coincide with equity contributions from other Skydance backers, such as board member Laurene Powell Jobs. The capital infusion is expected to give the company a needed financial lift as it works to reduce expenses and improve its share price. Skydance has already pledged to cut costs by $6 billion over the next three years.
Musk has spoken favorably about the Ellison family in the past and maintains close ties with Larry Ellison, whom he added to Tesla’s board in 2018. The Oracle co‑founder contributed $1 billion to help Musk acquire Twitter in 2022 and also invested in Tesla that same year. Skydance did not respond promptly to TechCrunch’s request for comment.