"In Paramount's new offer, the company said Larry Ellison, one of the richest people in the world and father to Paramount CEO David Ellison, agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer. Paramount said Ellison has also agreed not to revoke the long-standing Ellison family trust. This change by Paramount directly responds to objections raised by the WBD in response to its last offer."
"In its new bid, Paramount also said it would match the termination fee Netflix offered, upping its fee to $5.8 billion from $5 billion if the deal doesn't go through. "Paramount has repeatedly demonstrated its commitment to acquiring WBD," David Ellison wrote. "Our $30 per share, fully financed all-cash offer was on December 4th, and continues to be, the superior option to maximize value for WBD shareholders." In the new bid, Paramount stuck with its $30 per share price for the whole company."
Paramount Skydance revised its hostile all-cash offer for Warner Bros. Discovery by adding an irrevocable $40.4 billion personal guarantee from Larry Ellison while maintaining a $30 per share price. Paramount also increased its termination fee to $5.8 billion, matching the fee in Netflix's competing proposal. The WBD board had raised concerns about reliance on a potentially revocable family trust and affirmed support for Netflix's rival bid. Netflix's offer values only WBD's studios and streaming business at $27.75 per share. Warner Bros. and Netflix did not immediately comment.
Read at Business Insider
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