Paramount revises Warner Bros. Discovery bid with Ellison guarantee

Paramount Skydance has revised its bid for Warner Bros. Discovery, adding a stronger financial assurance to its proposal. The updated offer includes an irrevocable personal guarantee of $40.4 billion from Oracle founder Larry Ellison, a key backer of Skydance, which is led by his son David Ellison.

The revised bid values Warner Bros. Discovery at $108 billion. Along with the guarantee, Paramount Skydance has agreed that assets held by the Ellison family trust will not be revoked or transferred while the transaction is under consideration. The company has also offered to disclose details of the trust’s assets, ease certain transaction terms, and raise its regulatory reverse termination fee from $5 billion to $5.8 billion, matching Netflix’s proposal.

Warner Bros. Discovery has already recommended that shareholders reject Paramount Skydance’s offer, stating that it does not qualify as a superior proposal. The company has accepted an $82.7 billion offer from Netflix, announced earlier in December, which is expected to close next year subject to regulatory approvals.

Paramount Skydance said the request for a personal guarantee was not raised during earlier discussions, noting that its all-cash offer of $30 per share remains, in its view, the higher-value option for shareholders. David Ellison reiterated that the bid is fully financed and positioned as a long-term growth opportunity for Warner Bros. Discovery.

The updated Paramount Skydance offer is open until January 21, 2026.