As reported by CNBC, the billionaire has made a sizeable investment in the newly formed company.
Renowned billionaire Elon Musk has invested US$ 1 billion in Skydance, as reported by CNBC, citing a person familiar with the matter.
The investment comes following Paramount’s acquisition of Warner Bros. Discovery on October 6, resulting in the newly-named Skydance, which is co-directed by David Ellison and Ynon Kreiz.
Skydance expects to reduce expenses and reach US$ 6 billion in cost savings, while the total debt amounts to around US$ 80 billion.
According to CNBC, David Ellison’s father, Larry Ellison, has invested in Elon Musk’s businesses in the past, participating in the latter’s acquisition of Twitter with US$ 1 billion. He also invested in Tesla in 2018.
