David Ellison, co-CEO of Skydance Corp., and SpaceX CEO Elon Musk.<\/p>\n
Michael Nagle | Bloomberg | Kent Nishimura | AFP | Getty Images<\/p>\n
Elon Musk<\/a> has made an investment in Skydance<\/a> of roughly $1 billion, according to a person familiar with the matter who asked not to be named because they were not authorized to speak publicly. <\/p>\n The financial injection comes as the company looks to cut costs. Paramount closed its acquisition<\/a> of Warner Bros. Discovery on Oct. 6, naming the combined entity Skydance<\/a>. Co-CEOs David Ellison and Ynon Kreiz<\/a> are tasked with merging two major film studios in Paramount and Warner Bros., two popular streaming platforms \u2014 Paramount+ and HBO Max \u2014 and a host of corporate functions to support a portfolio of TV networks and two news divisions. <\/p>\n Skydance has said it expects to see $6 billion in cost savings over three years, though it faces a debt burden of nearly $80 billion. <\/p>\n Musk’s commitment is part of a wider effort by Skydance to raise equity investments, according to Semafor, which first reported the news Thursday<\/a>. Representatives for Musk and Skydance did not immediately respond to CNBC’s requests for comment.<\/p>\n Shares of Skydance were down about 1% Thursday.<\/p>\n Ellison’s father, Larry Ellison, has a history with Musk. The Oracle co-founder invested $1 billion in Musk’s 2022 deal to purchase Twitter, now called X. Larry Ellison also invested in Tesla<\/a> in 2018 and served on the company’s board of directors.<\/p>\n The elder Ellison also personally guaranteed more than $40 billion of equity financing in Paramount’s offer to take over WBD. <\/p>\n