Report: Elon Musk Invests ~$1 Billion in Newly Formed Media Giant Skydance
Semafor reports Musk's ~$1B stake aims to support Skydance's $6B cost-cutting plan and lift its stock price.
According to a report by Semafor, cited by TechCrunch, Elon Musk has invested approximately $1 billion in Skydance, the newly formed media company. The news emerges weeks after Paramount completed its $110 billion acquisition of Warner Bros. Discovery to create the combined entity.
The report notes that Musk's investment coincided with equity contributions from other Skydance investors, including board member Laurene Powell Jobs. This capital provides a much-needed financial boost as the company seeks to cut costs by $6 billion over the next three years and lift its stock price.
Skydance is co-led by CEOs David Ellison and Ynon Kreiz, tasked with integrating streaming platforms Paramount+ and HBO Max alongside networks like CBS and CNN. Musk has close ties with Larry Ellison, whom he appointed to Tesla's board in 2018; Larry Ellison also invested $1 billion to help Musk purchase Twitter in 2022.
Skydance did not immediately respond to requests for comment. The specific terms, valuation basis, and final closing status remain unconfirmed by the issuer, presenting this strictly as a reported fact.