Malone Sees SpaceX-Skydance Output Deal as Skydance Targets Lower Leverage

Liberty Media and Liberty Global chairman emeritus John C. Malone forecast a global output deal between SpaceX and Skydance, with a possible investment that could support Skydance’s efforts to reduce debt after its Warner Bros. Discovery acquisition.

Malone made the prediction during a virtual keynote at the Paley International Council Summit on Wednesday, Oct. 21. His session was set for 9:15 a.m. ET (13:15 UTC) to 9:50 a.m. ET (13:50 UTC). He presented the deal as a forecast and did not indicate that negotiations were underway.

The forecast included a possible SpaceX investment of $8 billion to $10 billion. Neither company has announced an agreement. The investment’s structure and use of funds have not been specified.

Skydance completed its acquisition of Warner Bros. Discovery on Oct. 6. The combined business includes Paramount, Warner Bros., HBO, Paramount+, CBS and CNN, bringing film and television studios, streaming services and broadcast assets under the same company.

An unaudited, illustrative pro forma balance sheet based on June 30, 2026, figures lists $2.158 billion in current debt and $80.323 billion in long-term debt, for a total of $82.481 billion. Those figures describe a pro forma balance sheet and do not establish how much of the possible SpaceX investment, if any, would go toward debt.

Skydance has set a goal of at least $6 billion in run-rate synergies within three years and a net leverage target of 3.0x by the end of 2029. No transaction terms or timetable have been announced for the possible SpaceX deal.