David Ellison, co-CEO of Skydance Corp., and SpaceX CEO Elon Musk.

Michael Nagle | Bloomberg | Kent Nishimura | AFP | Getty Images

Elon Musk has made an investment in Skydance of roughly $1 billion, according to a person familiar with the matter who asked not to be named because they were not authorized to speak publicly.

The financial injection comes as the company looks to cut costs. Paramount closed its acquisition of Warner Bros. Discovery on Oct. 6, naming the combined entity Skydance . Co-CEOs David Ellison and Ynon Kreiz are tasked with merging two major film studios in Paramount and Warner Bros., two popular streaming platforms — Paramount+ and HBO Max — and a host of corporate functions to support a portfolio of TV networks and two news divisions.

Skydance has said it expects to see $6 billion in cost savings over three years, though it faces a debt burden of nearly $80 billion.

Musk's commitment is part of a wider effort by Skydance to raise equity investments, according to Semafor, which…