Musk invests about $1bn in David Ellison's Skydance

Elon Musk has invested roughly $1bn in Skydance, the media group David Ellison formed from Paramount and Warner Bros. Discovery, according to Semafor and CNBC. The round coincided with new equity from other investors including board member Laurene Powell Jobs; Skydance carries nearly $80bn in debt and targets $6bn in cost savings over three years.

• Musk put about $1bn into Skydance, Semafor and CNBC reported
• Skydance was formed after Paramount closed its Warner Bros. Discovery takeover on 6 October
• The company targets $6bn in savings over three years against nearly $80bn of debt
• Larry Ellison previously put $1bn into Musk's 2022 Twitter takeover