American billionaire Elon Musk has invested roughly one billion dollars in the media group Skydance, which was recently formed through the merger of Paramount Skydance and Warner Bros. Discovery. The news outlet Semafor reported this, citing sources familiar with the situation.
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According to the outlet, Musk’s investment is a welcome financial boost for Skydance, which is currently trying to cut costs and support its share price. Musk had previously spoken favorably about Skydance in public, which sparked speculation about closer cooperation between the company and Musk’s satellite telecommunications network Starlink, Semafor writes.
Skydance was formed earlier this month when Paramount Skydance completed its takeover of rival Warner Bros. Discovery for roughly 110 billion dollars. The merged group is headed by film and television producer David Ellison, son of Oracle co-founder Larry Ellison. Larry Ellison has close ties to Musk, having helped finance Musk’s takeover of the social network Twitter, now known as X, in 2022.
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The Skydance group includes, among others, film studios Paramount Pictures and Warner Bros., television networks CBS, CNN, and HBO, as well as the streaming services Paramount+ and HBO Max.
Musk, who is also the CEO and largest shareholder of electric vehicle maker Tesla, is the richest person in the world. He has recently also become heavily involved in politics. He supported U.S. President Donald Trump during the election campaign and, following Trump’s victory, led the Department of Government Efficiency (DOGE) for several months.
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Source: ČTK
