"Paramount Skydance isn't giving up on obtaining Warner Bros. Discovery just yet. The company has amended its $108 billion offer to include Larry Ellison's "irrevocable personal guarantee" equaling $40.4 billion. Ellison is the founder or Oracle and a backer of Skydance, created by his son David Ellison, Paramount Skydance's CEO. On December 17, WBD formally recommended shareholders reject Paramount's offer. WBD had already accepted an $82.7 billion offer from Netflix, set to close some time next year following regulatory approval."
"[The board] has unanimously determined that the tender offer launched by Paramount Skydance on December 8, 2025 is not in the best interests of WBD and its shareholders and does not meet the criteria of a 'Superior Proposal' under the terms of WBD's merger agreement with Netflix announced on December 5, 2025," WBD stated. The Paramount deal included backing by sovereign wealth funds in places like Saudi Arabia and Qatar. But the Ellisons previously said that, if the other funders dropped out, they would "backstop the full amount of the bid.""
Paramount Skydance amended a $108 billion bid to acquire Warner Bros. Discovery by adding Larry Ellison's irrevocable $40.4 billion personal guarantee. Warner Bros. Discovery's board formally recommended shareholders reject Paramount's offer after already agreeing to an $82.7 billion deal with Netflix pending regulatory approval. The Paramount offer previously included commitments from sovereign wealth funds, and the Ellison family had pledged to backstop the bid if other funders withdrew. Paramount returned with a guarantee and a restriction on adverse transfers of Ellison family trust assets while the transaction is pending. Paramount criticized the timing of WBD's demands.
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