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Musk put approximately $1 billion into Skydance, media report says
The newly formed media company has committed to $6 billion in cost reductions over a three-year period.
Elon Musk made an equity investment of approximately $1 billion in Skydance, the newly formed media company, according to a media report. His contribution came at about the same time as those of other investors, including Laurene Powell Jobs, a Skydance board member.
The investment became public a few weeks after Paramount closed its acquisition of Warner Bros. Discovery for $110 billion, forming the combined company. Skydance has committed to cutting $6 billion in costs over a three-year period.
David Ellison and Ynon Kreiz, the co-CEOs, are responsible for integrating HBO Max with Paramount+ and bringing the networks into the same corporate structure. The network portfolio includes Food Network, Comedy Central, CBS, MTV, CNN and TBS.
Musk has previously expressed public praise for the Ellisons and maintains close ties with Oracle founder Larry Ellison. He named Ellison to Tesla’s board in 2018, when Ellison also invested in the automaker. Ellison later supplied $1 billion for Musk’s 2022 Twitter purchase. Skydance did not immediately provide a comment.