Elon Musk has reportedly invested approximately $1bn in Skydance, the new media empire led by David Ellison.

The deal comes alongside fresh equity infusions from existing investors, including board member Laurene Powell Jobs, Steve Jobs’s widow. Semafor first reported the news.

The investment follows Paramount’s recent $111bn merger with Warner Bros Discovery, a huge acquisition that brought the media companies together under the Skydance name. At the head of the new media empire is David Ellison, the son of billionaire Oracle co-founder and Donald Trump ally Larry Ellison.

The Guardian has contacted Musk and Skydance for comment.

The cash infusion solidifies an alliance between two of Trump’s richest monetary backers. In September, Semafor reported that Paramount executives had considered Musk as an equity investor, citing his close ties to Larry Ellison, who invested $1bn in Musk’s acquisition of X in 2022 and also $45m in support of Trump’s re-election bid in 2024.…