Skydance is streamlining operations after the Paramount and Warner Bros. merger

Elon Musk is expanding his business footprint by reportedly investing $1 billion in Skydance, the company that holds Paramount and Warner Bros. Discovery.

The investment comes as co-CEOs David Ellison and Ynon Kreiz look to streamline operations and raise capital after the merger of the two major film studios, which own Paramount+, HBO Max, CNN, CBS, and more.

Skydance aims to cut costs by $6 billion over three years while managing nearly $80 billion in debt.

David Ellison’s father, Oracle co-founder Larry Ellison, shares a long financial history with Musk, having previously invested $1 billion in his 2022 acquisition of Twitter and taking a position in Tesla in 2018.

Meanwhile, Semafor has speculated that Musk’s satellite internet company, Starlink, could partner with Skydance in the future, potentially creating new opportunities across media and communications.