Elon Musk Could Invest in Warner Bros Owner as HBO-Backed Documentary About Him Awaits Release

Elon Musk could become an investor in Paramount Skydance as the company moves towards completing its takeover of Warner Bros Discovery, potentially putting the billionaire on the ownership side of the company behind HBO just weeks before a documentary about him reaches US cinemas.

Paramount executives have discussed asking Musk to join a syndicate of equity investors, according to people familiar with the matter. No agreement has been announced, and the size of any potential investment is unknown.

The timing creates an unusual overlap between Musk's business interests and the distribution of Musk, Alex Gibney's nearly four-hour documentary about the billionaire. The film is scheduled to open in select US cinemas on 9 October before expanding nationwide on 16 October, with HBO expected to stream it in early 2027.

Paramount Needs More Equity as the Deal Nears Completion

Paramount Skydance is seeking additional equity as it prepares to complete its proposed acquisition of Warner Bros Discovery. The transaction is valued at roughly $110 billion (£83.2 billion), including debt, and Paramount has arranged substantial borrowing to finance it. The combined company is expected to carry around $80 billion in debt (£60.5 billion), making additional equity an important part of the financing picture.

A potential Musk investment would therefore be financially significant even without giving him an operating role. It would also expand the group of wealthy investors backing David Ellison's planned media empire. Musk has not been announced as an investor, and Paramount has not publicly confirmed that he will participate.

Musk Already Has a Financial Connection to Larry Ellison

There is an existing financial relationship between Musk and David Ellison's father, Larry Ellison. Larry Ellison invested about $1 billion in Musk's 2022 transaction to take Twitter private and previously invested in Tesla. He also served on Tesla's board. That history provides a direct connection between a possible new Paramount investor and the family financing the Warner Bros Discovery transaction.

Larry Ellison has committed substantial financial backing to his son's deal, while other investors have also agreed to provide equity for the acquisition. The proposed structure means Musk would be entering a financing network that already includes several major investors rather than independently acquiring Warner Bros Discovery.

Paramount has also reached settlements with 12 US states and the Writers Guild of America, removing a major legal obstacle to the transaction. California Attorney General Rob Bonta's office said the settlement remains subject to court approval.

HBO Has a High-Profile Musk Film in Its Pipeline

The financing discussions coincide with the theatrical rollout of Musk, directed by Gibney and produced with HBO Documentary Films. Bleecker Street's official release schedule lists Musk for select US cinemas on 9 October and nationwide on 16 October. The film premiered at the Venice Film Festival in September and subsequently screened at the Toronto International Film Festival.

HBO holds the film's North American streaming and television rights, with the streaming debut expected in the first quarter of 2027. Musk did not participate in the documentary and has criticised it publicly. His lawyer has threatened legal action over material in the film, while Gibney has said he stands by the documentary.

Gibney Has Raised Concerns About the Ownership Change

Gibney has separately expressed concern about HBO's future under Paramount ownership because the proposed transaction would place the network within the same corporate group as any future Musk investment. He has said he worries that the takeover could affect the documentary's HBO release. However, there is no evidence that Paramount, the Ellison family, or HBO has ordered the film to be withdrawn or delayed. Gibney has also said he has not faced pushback from HBO over the documentary.

That distinction matters because the potential investment and the documentary's release are currently two separate developments. Paramount is seeking financing for its Warner Bros Discovery acquisition, while Musk has a confirmed US theatrical schedule and an expected HBO window.

If Musk ultimately joins Paramount's investor group, however, his financial connection to the future owner of HBO would give the documentary's eventual streaming release an additional layer of interest.