Shares of Paramount Skydance (PSKY) rose more than 10% after media billionaire John Malone predicted a potential investment from SpaceX. He made the remarks at the Paley Center for Media's International Council Summit.
Malone said SpaceX could invest $8 billion to $10 billion in the company. The proposed deal would also include a global content distribution agreement for SpaceX's Starlink satellite internet service, marking a major entry into Hollywood for the company.
Malone said the investment could help reduce the significant debt Paramount Skydance took on after its recent merger with Warner Bros. Discovery.
His prediction is based on the close financial relationship between Elon Musk and Oracle founder Larry Ellison, whose son, David Ellison, is Paramount Skydance's CEO. Neither company has confirmed the speculation, and a Skydance representative declined to comment.