Paramount revises Warner Bros. bid with $40.4B Ellison guarantee, no price increase
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Paramount reaffirmed its hostile $30-per-share tender for Warner Bros. Discovery (about $74.4 billion) without raising the price, but revised the financing by securing Oracle chair Larry Ellison’s irrevocable personal guarantee of $40.4 billion, having David Ellison agree not to revoke or transfer assets from the family trust, extended the tender deadline to Jan. 21 and matched Netflix’s $5.8 billion breakup fee. The offer—which includes WBD’s cable networks like CNN and Discovery—comes after other financing backers (including Affinity/Jared Kushner) exited and directly challenges Netflix’s competing $27.75-per-share studio-and-streaming deal.
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Media Mergers and Acquisitions
Media Industry M&A