According to a new report from Semafor, Elon Musk has invested approximately $1 billion in the newly established media company Skydance.

This investment news appeared a few weeks ago: Paramount completed the acquisition of Warner Bros and Discovery for $110 billion, thereby forming this merged company.

The task of Co-CEO David Ellison ( David Ellison ) and Ynon Kreiz is to integrate the two major streaming platforms Paramount and HBO Max, as well as a series of channels including CBS, CNN, MTV, TBS, Comedy Central, and Food Network, under the same corporate structure.

Semafor reports that Musk's investment was made around the same time as the equity contributions from other Skydance investors, including board member Laurenne Powell Jobs (Laurene Powell Jobs). The report indicates that this investment will provide much-needed financial support for the company, helping it to advance its plans as it seeks to cut costs and boost stock prices.

Skydance has committed to cutting costs by $6 billion over the next three years.

Elon Musk has previously publicly praised the Ellison family and has close ties with Larry Ellison ( Larry Ellison ). In 2018, Musk appointed Larry Ellison to the Tesla board of directors. Larry Ellison, the founder of Oracle, invested $1 billion in 2022 to help Musk acquire Twitter and also invested in Tesla in 2018.

As of the time of publication by TechCrunch, Skydance has not yet responded immediately to requests for comments.