Semafor learned about the new investment of Elon Musk in the media for $ 1 billion

American billionaire Elon Musk has invested about $1 billion in Skydance, a media company headed by David Ellison, son of Oracle founder Larry Ellison. This is reported by Semafor, citing sources familiar with the situation.

According to the interlocutors, the deal was concluded approximately simultaneously with the investments of other shareholders of Skydance, including board member Lauren Powell Jobs. Additional funds were needed amid cuts in costs and attempts to keep the value of its shares.

Elon Musk has invested about $1 billion in Skydance, according to people familiar with the matter, providing a much-needed financial injection as the company seeks to cut costs and strengthen its share price.

Earlier in October, Skydance completed the acquisition of Warner Bros., which owns CNN, HBO and other media companies. After the closing of the transaction, the price of Skydance shares began to decline.

As noted by Semafor, Musk has long maintained a business relationship with the Ellison family: in 2022, Larry Ellison invested $ 1 billion in the purchase of Musk Twitter (now X), as well as invested in Tesla and several years on the board of directors of the company. In addition, the Oracle founder personally guaranteed more than $40 billion in funding for the acquisition of Warner Bros. Discovery company of his son, writes the publication.

Also Semafor cites the words of American media mogul John Malone, who allowed the conclusion of an agreement between Skydance and Starlink.

“He’s going to have to completely rebuild all of these channels and figure out how to turn them into standalone streaming services, rather than just keeping traditional linear TV,” he said.

In addition, David Ellison previously announced plans to create a full-fledged team and use artificial intelligence in the work of the company.