Paramount Skydance Amends Warner Bid with Ellison Guarantee

Paramount Skydance has amended its hostile takeover bid for Warner Bros. Discovery, bolstering the $108 billion all-cash offer with a personal guarantee from Oracle co-founder Larry Ellison for $40.4 billion in equity financing. The revision, announced Monday, aims to address financing concerns raised by Warner Bros. Discovery's board as the media company weighs its existing agreement to sell key assets to Netflix.

The updated proposal maintains the offer of $30 per share for all outstanding Warner Bros. Discovery shares and extends the tender deadline to January 21, 2026. It also raises the breakup fee to $5.8 billion, matching the amount in the Netflix deal, which would be payable if the Paramount offer fails regulatory approval. Previously, the bid relied on a revocable family trust commitment from the Ellisons, which Warner Bros. Discovery deemed opaque and risky in an SEC filing. The new terms include restrictions on transferring assets from the Ellison family trust during the deal's pendency and public disclosure of its holdings, primarily 1.16 billion shares of Oracle stock.

Warner Bros. Discovery confirmed receipt of the amended offer and stated it would review the...