Elon Musk invests $1 billion into Skydance as it closes Warner Bros. deal: Reports

The world’s richest man, Elon Musk, reportedly donated and invested approximately $1 billion into Skydance, sources familiar with the matter told multiple news outlets on Thursday.Musk has not publicly commented on the reports and the exact figure was not clear, but it comes as the company looks to cut costs in the wake of Paramount’s acquisition of Warner Bros. Discovery earlier this month.
The new studio and company, which will be run by co-CEOs David Ellison and Mattel’s Ynon Kreiz, is tasked with merging two major film studios in Paramount and Warner Bros. and two popular streaming platforms, Paramount+ and HBO Max.
The company will also support a portfolio of TV networks and two news divisions, including CNN.
Musk’s investment comes as the company projects to see $6 billion in cost savings over three years, according to CNBC, but is currently carrying nearly $80 billion in debt.
The Tesla CEO also has a relationship with Ellison’s father and fellow billionaire Larry Ellison. The elder Ellison invested in both Tesla and $1 billion in Musk’s purchase of the social media platform X, then Twitter, in 2022. 
Musk is just one of several wealthy individuals that Ellison was considering working with for an investment, according to Semafor, and the investment is just one part of a wider effort by Skydance to raise equity.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.

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