Elon Musk has invested about $1 billion in Skydance, the media company run by David Ellison that recently took over Warner Bros. Discovery, Semafor reported on Wednesday.
The investment came around the same time as equity contributions from other Skydance investors, including board member Laurene Powell Jobs, according to the report. Neither the size of Musk’s stake nor whether he will get a board seat was disclosed.
Skydance did not immediately respond to a request for comment, TechCrunch reported. Musk has not commented publicly.
The report came a day after Musk warned Democrats he would fight back if they investigate him and his companies after the midterm elections.
Skydance under pressure to cut costs
Paramount completed its $110 billion acquisition of Warner Bros. Discovery earlier this month, creating a combined company with film studios, streaming services, broadcast television and news networks. David Ellison and Ynon Kreiz lead it as co-chief executives.
The new company took on heavy debt in the deal and has committed to cutting costs by $6 billion over the next three years.
Close ties with the Ellisons
Musk has longstanding links to the Ellison family. Larry Ellison, David’s father and the co-founder of Oracle, put $1 billion into Musk’s 2022 purchase of Twitter and joined Tesla’s board in 2018.
Musk has also publicly praised the Ellisons. The reported investment would give him a financial stake in one of the largest media companies in the United States.