"Larry Ellison, one of the world's richest men, has stepped in with a $40.4bn personal guarantee to shore up Paramount Skydance's $108bn takeover bid for Warner Bros Discovery, escalating a high-stakes battle with Netflix for control of some of Hollywood's most valuable franchises. Paramount Skydance, led by David Ellison, confirmed that Ellison would provide an "irrevocable personal guarantee" covering the equity financing element of the bid, as well as any potential damages claims."
"As part of the revised terms, Ellison has agreed not to revoke or materially alter the Ellison family trust during the transaction period. Paramount also said it would publish records confirming that the trust holds around 1.16bn shares in Oracle, worth approximately $223bn as of December 19, alongside full disclosure of material liabilities. The equity component of Paramount's bid totals $40.4bn, including $11.8bn from the Ellison family and $24bn from sovereign wealth funds in Saudi Arabia, Qatar and Abu Dhabi."
Larry Ellison provided an irrevocable personal guarantee covering the $40.4bn equity element of Paramount Skydance's $108bn takeover bid for Warner Bros Discovery and any potential damages claims. Warner Bros Discovery's board recommended shareholders accept Netflix's rival $82.7bn proposal, arguing Paramount's offer lacked adequate backing. Paramount offered $30 per share for the entire company, including global television networks. Ellison agreed not to revoke or materially alter the Ellison family trust and Paramount will publish records showing about 1.16bn Oracle shares (around $223bn) and disclose material liabilities. The equity package includes $11.8bn from the Ellison family and $24bn from Gulf sovereign funds; $54bn of debt is committed by banks. Netflix strengthened its financing; Paramount launched a tender offer and may increase its bid.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]