Elon Musk has invested roughly $1 billion in Skydance, Semafor reported on Thursday.
Musk’s alleged investment provided a major financial boost to the Hollywood studio as it seeks to cut costs, strengthen its balance sheet and accelerate its technology strategy following its merger with Paramount, according to the report by Semafor.
Investors overwhelmingly approved Paramount’s acquisition of Warner Bros last month, which is a deal valued at about $111 billion that is expected to reshape Hollywood, according to The Telegraph .
Industry observers have speculated that Starlink, Musk’s satellite internet business, could eventually partner with Skydance as traditional television distribution shifts toward streaming, according to Semafor. “He’s gonna have to re-engineer all of those channels, and figure out how they morph into streams themselves rather than just traditional linear,” Malone said during an appearance at the Paley Center, according to Semafor.
