David Ellison, co-CEO of Skydance Corp., and Elon Musk, CEO of SpaceX.
Michael Nagle | Bloomberg | Kent Nishimura | AFP | Getty Images
Elon Musk has invested in sky dance The total value is about $1 billion, said the people, who requested anonymity because they were not authorized to speak publicly.
The company is investing money in an effort to cut costs. Paramount completed its acquisition of Warner Bros. Discovery on October 6, naming the combined company Skydance. Co-CEOs David Ellison and Inon Kreiz are tasked with integrating numerous corporate functions that support two major movie studios, Paramount and Warner Bros., two popular streaming platforms, Paramount+ and HBO Max, and a portfolio of television networks and two news divisions.
Skydance said it expected cost savings of $6 billion over three years, although it faces a debt burden of nearly $80 billion.
According to Semaphore, which first reported the news on Thursday, Musk’s commitment is part of Skydance’s broader efforts to increase equity investment. Representatives for Musk and Skydance did not immediately respond to CNBC’s requests for comment.
Skydance stock fell about 1% on Thursday.
Ellison’s father, Larry Ellison, has a history with Musk. The Oracle co-founder invested $1 billion in Musk’s 2022 deal to acquire Twitter, now called X. Larry Ellison also invested. tesla He served as a director of the company in 2018.
Mr. Ellison also personally guaranteed more than $40 billion in equity financing for Paramount’s proposed acquisition of WBD.
