NEW YORK, October 23. /TASS/. US billionaire entrepreneur Elon Musk has invested around $1 billion in the media company Skydance, the Semafor portal reported, citing sources.

The deal took place at the same time that Skydance itself invested funds into the equity from other shareholders, according to sources. Company board member Laurene Powell Jobs was among shareholders.

The company needed additional investment to reduce costs and strengthen its share price, the report said.

Previously, Paramount completed a deal to acquire Warner Bros. Discovery. The combined company was named Skydance and immediately became one of major competitors to Netflix and YouTube in the streaming market, remaining smaller in scale than giants like Disney and Amazon though.