Key facts
- Elon Musk invested approximately $1 billion in Skydance.
- Skydance is a newly formed media company.
- Skydance committed to reducing costs by $6 billion over three years.
Elon Musk has invested approximately $1 billion in the newly formed media company Skydance, according to a report from Semafor. The investment comes weeks after Paramount completed its $110 billion acquisition of Warner Bros. Discovery. Skydance's co-CEOs, David Ellison and Ynon Kreiz, are working to integrate Paramount+ and HBO Max, along with a portfolio of networks. Musk's investment, made around the same time as contributions from other investors like Laurene Powell Jobs, is intended to provide a financial boost as Skydance aims to cut costs and improve its stock price. The company has committed to reducing costs by $6 billion over the next three years. Musk has previously praised the Ellisons and has ties to Larry Ellison, who also invested in Musk's purchase of Twitter.