Elon Musk has invested approximately $1 billion in Skydance, providing a major financial boost to the media company as it pursues cost reductions, works to strengthen its stock performance, and expands its technological capabilities, Semafor reported Thursday.

The investment comes as Paramount Skydance CEO David Ellison works to reshape the entertainment company and integrate Warner Bros. Discovery following its acquisition. The company has also emphasized technology and artificial intelligence as central to its plans for the future.

According to Semafor, Musk’s investment was completed around the same time as additional equity contributions from other investors, including Skydance board member Laurene Powell Jobs, the widow of Apple co-founder Steve Jobs.

The deal further strengthens Musk’s financial ties to the Ellison family. Oracle founder Larry Ellison, David Ellison’s father, invested $1 billion in Musk’s $44 billion acquisition of Twitter, now known as X, in 2022. Larry Ellison also invested in Tesla in 2018 and previously served on its board of directors.

Larry Ellison has additionally guaranteed more than $40 billion in equity financing for Paramount’s acquisition of Warner Bros., according to Semafor.

Musk’s latest investment has prompted speculation about a possible partnership between his businesses and Paramount Skydance, particularly involving Starlink satellite internet and the company’s television and streaming operations.

Billionaire cable television executive John Malone suggested Wednesday that closer cooperation could emerge as traditional television networks face mounting pressure from streaming platforms. Malone argued that established channels must adapt their operations to compete in a market increasingly centered on digital distribution.

“I think there’s a deal coming there,” Malone said during an appearance at the Paley Center, pointing to the existing financial connections between Musk and Larry Ellison.

David Ellison has also stressed the importance of technology in reshaping the entertainment industry. Earlier this month, he told CNBC that the company was building a dedicated product and technology team and described artificial intelligence as a tool for artists.

The company has recruited former Mattel executive Ynon Kreiz as co-CEO as it pursues restructuring and cost-cutting efforts. Musk’s reported investment could provide additional capital for those initiatives, although no specific partnership involving Starlink or other Musk businesses has been announced.

Neither Musk nor Paramount Skydance immediately responded to Semafor’s requests for comment.