Elon Musk invests about $1 billion in Skydance, CNBC reports

Oct 22 (Reuters) - Elon ‌Musk has ​made ​a roughly $1 billion investment in Skydance, CNBC reported on Thursday, citing a person familiar ‌with the matter.

Representatives for Skydance and Musk did ⁠not immediately respond to Reuters requests for comment.

Here are more ‌details:

• Earlier this month, ‌Paramount Skydance completed its $110 billion takeover of Warner Bros Discovery and the combined entity was named ​Skydance

• "It's going to be a great company," US President Trump told reporters earlier this month, expressing ⁠his approval of the merger

• SpaceX CEO Musk, who has been ​rebuilding his ties with Trump, has had a longstanding bond with Oracle co-founder Larry Ellison, ​whose son David Ellison leads ‌Skydance

• The investment comes as Ellison looks to position Skydance as a technology-driven ⁠media business and cut costs

• Last month, Ellison named former Mattel CEO Ynon Kreiz as Skydance's co-CEO

• Musk's ⁠commitment is part of a wider effort by Skydance to ​raise equity investments, according to Semafor, which first reported the news

• In 2022, Larry Ellison had committed $1 billion to fund ‌Musk's purchase of Twitter, now X

• "I'm very close friends with Elon Musk," senior ‌Ellison had said in 2018

• Larry Ellison had also ⁠personally guaranteed over $40 ‌billion equity financing when ​Paramount offered to buy Warner Bros

(Reporting by Jaspreet Singh in Bengaluru; Editing by Diti ‌Pujara)

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