Musk Invests About $1 Billion in Paramount Skydance as Media Giant Pursues Cost Cuts

Elon Musk has invested roughly $1 billion in Paramount Skydance Corporation (PSKY), injecting fresh capital into the newly combined media company as it integrates Paramount and Warner Bros. Discovery and works to reduce costs. The investment is part of Skydance's broader equity-funding effort. Paramount completed its $110 billion acquisition of Warner Bros. Discovery earlier this month, with the combined company operating under the Skydance name. Co-CEOs David Ellison and Ynon Kreiz are overseeing integration of the two studios, Paramount+ and HBO Max, along with their television networks and corporate operations. Skydance expects to generate $6 billion in cost savings over three years while carrying nearly $80 billion in debt. Musk has longstanding ties to the Ellison family; Oracle co-founder Larry Ellison, David Ellison's father, invested $1 billion in Musk's 2022 Twitter acquisition and previously invested in Tesla.