IElon Musk has invested approximately US$1 billion in Skydance, according to a CNBC report cited by Reuters on 22 October.

The report relied on a person familiar with the matter. Representatives for Musk and Skydance did not immediately respond to Reuters’ requests for comment.

The news follows Paramount Skydance’s acquisition of Warner Bros Discovery earlier this month, after which the combined business took the Skydance name.

David Ellison, who leads the company, has been seeking to build a more technology-focused media operation while reducing costs. Reuters said Musk’s commitment formed part of a wider effort to attract equity investment, citing Semafor.

Musk has longstanding ties to David Ellison’s father, Oracle co-founder Larry Ellison. The elder Ellison committed US$1 billion towards Musk’s purchase of Twitter in 2022.

The reported investment adds another connection between major technology investors and the entertainment industry. The precise terms, resulting ownership interest and any governance rights were not established in the Reuters report.