According to a Semafor report, Elon Musk has committed approximately $1 billion to the newly established media company Skydance. The investment follows closely on the heels of Paramount’s $110 billion acquisition of Warner Bros. Discovery, which formed a combined entertainment giant.
Skydance Co-CEOs David Ellison and Ynon Kreiz are tasked with consolidating 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 umbrella.
Semafor reports that Musk’s investment was made alongside equity contributions from other Skydance investors, including board member Laurene Powell Jobs. The capital infusion aims to support cost-cutting initiatives and lift the company’s stock price.
Skydance has committed to reducing operational costs by $6 billion over the next three years.
Musk has previously praised the Ellison family and shares a close relationship with Larry Ellison, whom he appointed to Tesla’s board of directors in 2018. The Oracle founder previously invested $1 billion to assist Musk in acquiring Twitter in 2022, and also invested in Tesla the same year.
Skydance has not yet responded to a request for comment from TechCrunch.
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