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Elon Musk Reportedly Makes $1 Billion Move in Sports Media
The investment comes as Skydance targets $6 billion in cost savings over three years and works to reduce nearly $80 billion in debt.
- SpaceX CEO Elon Musk invested roughly $1 billion in Skydance on Thursday, providing a financial injection to help the newly formed media company bolster its stock price.
- Paramount completed its $110 billion acquisition of Warner Bros. Discovery earlier this month, creating Skydance, which now carries a debt burden of nearly $80 billion.
- Skydance co-CEOs David Ellison and Ynon Kreiz target $6 billion in cost savings over three years while managing a major sports portfolio including CBS Sports and TNT Sports.
- Oracle founder Larry Ellison, who guaranteed more than $40 billion of equity financing for the Warner Bros. Discovery deal, has a history of backing Musk's ventures including Tesla and Twitter.
- Analyst Drew Lerner warned the merger's debt burden could make TNT's sports rights for the MLB and NHL "easy targets" for cost-cutting before 2028.
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Billionaire media mogul John Malone anticipated this movement earlier this week, during a conference in New York
Elon Musk reportedly makes $1 billion move in sports media
The company that now controls CBS Sports and TNT Sports, two of the biggest sports media operations in the country, has reportedly landed a major new investor: billionaire Elon Musk. According to a new report, Musk has put roughly $1 billion into Skydance, the media giant run by David Ellison that was formed when Paramount…
Ilon Mask invested about $1 billion in Skydance, reporting to Semafor with reference to known sources.
Coverage Details
Total News Sources12
Leaning Left2Leaning Right2Center3Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
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