Paramount Pictures has entered into discussions with Elon Musk about taking an equity stake in the company's acquisition of Warner Bros. Discovery, marking a significant development as the mega-deal approaches completion. The entertainment conglomerate, led by CEO David Ellison, has largely cleared regulatory hurdles following a settlement with state attorneys general on 21 September, with the deal expected to close within roughly two weeks pending judicial approval.

The acquisition is being financed through a substantial equity and debt package. Oracle founder Larry Ellison has committed over $40 billion in equity financing, with Middle Eastern sovereign wealth funds led by Saudi Arabia investing alongside him and acquiring approximately 50% of the combined company. A debt financing package worth $49 billion—comprising $30 billion in investment-grade bonds, $7.5 billion in investment-grade loans, and $12 billion in second-lien bonds—is being arranged by Bank of America, Citigroup and Apollo. The settlement with regulators hinges on Paramount's acceptance of behavioural remedies rather than structural changes to operations, with a federal judge scheduled to hold a hearing on Thursday to approve the final consent decree.