Elon Musk has invested about $1 billion in newly founded media company Skydance, according to a new report from Semafor. News of the investment comes a few weeks after Paramount completed its $110 billion acquisition of Warner Bros. Discovery to create the combined company.
Co-CEOs David Ellison and Ynon Kreiz are tasked with bringing together two major streaming platforms, Paramount+ and HBO Max, along with a portfolio of networks, including CBS, CNN, MTV, TBS, Comedy Central, and Food Network, under a single corporate roof.
Semafor reports that Musk’s investment was made around the same time as the equity contributions of 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 lift its share price, the report said.
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, who appointed him to Tesla’s board in 2018. The Oracle founder is investing $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.