Elon Musk has invested approximately $1 billion in the newly formed media company Skydance, according to a new report from Semafor. The news of the investment comes a few weeks after Paramount completed its $110 billion acquisition of Warner Bros. Discovery to create the combined company.

Co-CEOs David Ellison and Ynon Kreiz are tasked with bringing together two major streaming platforms, Paramount+ and HBO Max, along with a portfolio of networks, including CBS, CNN, MTV, TBS, Comedy Central, and Food Network, under a single corporate umbrella.

Semafor reports that Musk’s investment was made around the same time as equity contributions from other Skydance investors, including board member Laurene Powell Jobs. The investment will provide a much needed financial boost as the company seeks to cut costs and lift its stock price, the report notes.

Skydance has already committed to reducing costs by $6 billion over the next three years.

Musk has publicly praised the Ellisons in the past and has close ties with Larry Ellison, whom he appointed to Tesla’s board of directors in 2018. The Oracle-founder invested $1 billion to help Musk purchase Twitter in 2022 and also invested in Tesla in 2018.

Skydance did not immediately respond to TechCrunch’s request for comment.