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

According to TechCrunch, Elon Musk has invested roughly $1 billion in the newly formed media company Skydance, based on a Semafor report. The investment follows Paramount’s $110 billion acquisition of Warner Bros. Discovery, which created a combined entity overseeing streaming services Paramount+ and HBO Max as well as networks such as CBS, CNN, MTV, TBS, Comedy Central, and Food Network.

Semafor notes that Musk’s contribution arrived alongside equity from other Skydance investors, including board member Laurene Powell Jobs. The funds are intended to support a plan to reduce costs by $6 billion over the next three years and to lift the company’s stock price. Skydance has not yet responded to a request for comment.

Musk has previously praised the Ellison family and maintains close ties with Larry Ellison, who joined Tesla’s board in 2018 and later invested $1 billion in Musk’s purchase of Twitter in 2022, as well as in Tesla in 2018.

Source

Elon Musk made a $1B investment in Skydance, report says — TechCrunch