Austin, Texas - Elon Musk has made a massive investment in fellow billionaire David Ellison's Skydance media empire.
According to Semafor, Musk invested roughly $1 billion in Skydance as the company seeks to cut costs and bolster its stock price.
The contribution came at the same time as equity investments from other investors, including board member Laurene Powell Jobs, the widow of late Apple co-founder Steve Jobs.
Since President Donald Trump won re-election last year, Ellison has been buying up multiple production companies and networks.
Despite criticisms that the company is monopolizing the entertainment industry, the Federal Communications Commission – led by Trump appointee Brendan Carr – has approved the deals.
Last year, the FCC approved the sale of Paramount to Skydance for $8 billion, and earlier this month, Paramount completed a merger with Warner Bros. Discovery, giving them ownership of CBS, CNN, and HBO.
Musk and members of the Ellison family are well-known fans of Trump, and some of his biggest benefactors.
During the 2024 presidential race, Larry Ellison – David's father and the founder of Oracle – donated $45 million to Trump's campaign, while Musk spent over $290 million.
Musk, too, has deep financial ties with the Ellison family, as Larry also donated $1 billion to help him acquire Twitter, which he later renamed X, back in 2022.