Elon Musk made a $1 billion investment in Skydance, report says

In Brief

Elon Musk has invested astir $1 cardinal successful the recently formed media institution Skydance, according to a caller study from Semafor. The quality of the concern comes a fewer weeks aft Paramount completed its $110 cardinal acquisition of Warner Bros. Discovery to make the combined company.

Co-CEOs David Ellison and Ynon Kreiz are tasked with bringing unneurotic 2 large streaming platforms, Paramount+ and HBO Max, on with a portfolio of networks, including CBS, CNN, MTV, TBS, Comedy Central, and Food Network, nether a azygous firm umbrella.

Semafor reports that Musk’s concern was made astir the aforesaid clip arsenic equity contributions from different Skydance investors, including committee subordinate Laurene Powell Jobs. The concern volition supply a overmuch needed fiscal boost arsenic the institution seeks to chopped costs and assistance its banal price, the study notes.

Skydance has already committed to reducing costs by $6 cardinal implicit the adjacent 3 years.

Musk has publically praised the Ellisons successful the past and has adjacent ties with Larry Ellison, whom helium appointed to Tesla’s committee of directors successful 2018. The Oracle-founder invested $1 cardinal to assistance Musk acquisition Twitter successful 2022 and besides invested successful Tesla successful 2018.

Skydance did not instantly respond to TechCrunch’s petition for comment.

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