India, Oct. 22 -- Elon Musk has invested roughly $1 billion in Paramount Skydance Corporation (PSKY), providing fresh capital to the newly combined media company as it works to integrate Paramount and Warner Bros. Discovery and reduce costs.
The investment is part of Skydance's broader effort to raise equity funding. Paramount completed its $110 billion acquisition of Warner Bros. Discovery earlier this month, with the combined company operating under the Skydance name.
Co-CEOs David Ellison and Ynon Kreiz are overseeing the integration of the two studios, Paramount+ and HBO Max, along with their television networks and corporate operations. Skydance expects to generate $6 billion in cost savings over three years while carrying nearly $80...