Elon Musk invests about $1 billion in Skydance, CNBC reports

Skydance

Today 20:31

Oct 22 (Reuters) - Elon Musk has made a roughly $1 billion investment in Skydance SKYD.N, CNBC reported on Thursday, citing a person familiar with the matter.
Representatives for Skydance and Musk did not immediately respond to Reuters requests for comment.

Here are more details:
Earlier this month, Paramount Skydance completed its $110 billion takeover of Warner Bros Discovery and the combined entity was named Skydance
"It's going to be a great company," US President Trump told reporters earlier this month, expressing his approval of the merger
SpaceX SPCX.O CEO Musk, who has been rebuilding his ties with Trump, has had a longstanding bond with Oracle co-founder Larry Ellison, whose son David Ellison leads Skydance
The investment comes as Ellison looks to position Skydance as a technology-driven media business and cut costs
Last month, Ellison named former Mattel MAT.O CEO Ynon Kreiz as Skydance's co-CEO 
Musk's commitment is part of a wider effort by Skydance to raise equity investments, according to Semafor, which first reported the news
In 2022, Larry Ellison had committed $1 billion to fund Musk's purchase of Twitter, now X
"I'm very close friends with Elon Musk," senior Ellison had said in 2018
Larry Ellison had also personally guaranteed over $40 billion equity financing when Paramount offered to buy Warner Bros


 (Reporting by Jaspreet Singh in Bengaluru; Editing by Diti Pujara)
 ((Jaspreet.Singh@thomsonreuters.com; on X @i_jass;))