TL;DR
Paramount Skydance amended its all-cash offer to acquire Warner Bros, adding an irrevocable personal guarantee from Oracle co-founder Larry Ellison to back roughly $40.4 billion of equity financing. The move renews a bidding contest with Netflix after Warner Bros. Discovery’s board previously favored Netflix’s deal and rejected an earlier Paramount proposal.
What happened
Paramount Skydance submitted an amended all-cash takeover proposal for Warner Bros. Discovery that includes an “irrevocable personal guarantee” from Larry Ellison covering $40.4 billion of the equity financing and potential damages claims tied to the offer. The revised bid follows the WBD board’s rejection of Paramount’s prior hostile proposal, which valued WBD at $108.4 billion ($30 per share) and was dismissed by the board as “illusory” and misleading on financing. Warner Bros. Discovery had previously agreed to a deal with Netflix announced on December 5 that priced WBD at $27.75 per share with a total enterprise value of $82.7 billion. Paramount says its amended filing was crafted to address the board’s stated concerns about financing and stresses the $30-per-share, fully financed all-cash bid as the superior option for shareholders. TechCrunch contacted Warner Bros. Discovery for comment; no response was reported in the source.
Why it matters
- A high-profile personal guarantee from a billionaire backer directly addresses earlier doubts about Paramount’s financing and could alter purchase credibility.
- The escalation intensifies a major acquisition battle between a legacy studio and a streaming giant, with potential consequences for industry consolidation.
- Shareholder and board choices between competing offers may reshape control and strategic direction at Warner Bros. Discovery.
- Promises from buyers about content investment and theatrical output signal competing visions for how the studio’s assets would be deployed.
Key facts
- Paramount Skydance amended its all-cash offer for Warner Bros. Discovery on December 22, 2025 (source date).
- Oracle co-founder Larry Ellison provided an “irrevocable personal guarantee” covering $40.4 billion of the equity financing and any damages claims tied to the Paramount offer.
- Warner Bros. Discovery previously accepted a deal announced December 5 with Netflix valued at $27.75 per share and an enterprise value of $82.7 billion.
- Paramount had launched a hostile bid three days after the Netflix announcement, offering $30 per share and valuing the transaction at $108.4 billion.
- The WBD board rejected Paramount’s earlier offer, describing it as “illusory” and asserting Paramount misled shareholders about how the deal would be financed.
- Paramount’s CEO David Ellison said the amended $30-per-share, fully financed all-cash offer is superior for WBD shareholders and aims to boost content production and theatrical output.
- CNBC previously reported that WBD had turned down three prior takeover approaches from Paramount earlier in the year.
- TechCrunch reached out to Warner Bros. Discovery for comment; the source did not report a response.
What to watch next
- Whether the Warner Bros. Discovery board will reconsider or respond to Paramount Skydance’s amended proposal (not confirmed in the source).
- Any reaction from Netflix about its competing offer or potential adjustments to its proposal (not confirmed in the source).
- Possible legal or regulatory developments tied to enforcement of a personal guarantee in a takeover context (not confirmed in the source).
Quick glossary
- Irrevocable personal guarantee: A legally binding promise by an individual to cover specified financial obligations that cannot be revoked unilaterally.
- Equity financing: Capital raised by selling shares or ownership stakes in a company to investors or backers.
- Enterprise value: A measure of a company's total value, often calculated as market capitalization plus debt, minority interest, and preferred shares, minus cash.
- Hostile bid: An acquisition offer made directly to shareholders or otherwise pursued despite opposition from the target company's board.
Reader FAQ
Has Warner Bros. Discovery accepted Paramount’s amended offer?
Not confirmed in the source.
How much is Larry Ellison guaranteeing for the deal?
The source states Ellison provided an irrevocable personal guarantee for $40.4 billion of the equity financing and any damages claims tied to the offer.
What did Warner Bros. Discovery previously agree to with Netflix?
The source reports WBD announced a deal with Netflix on December 5 at $27.75 per share and an enterprise value of $82.7 billion.
Is the Paramount transaction finalized?
Not confirmed in the source.
The war for the future of Warner Brothers continues, as Paramount Skydance announced Monday an amended all-cash offer for the legacy movie studio. The offer includes an “irrevocable personal guarantee”…
Sources
- Paramount renews bid for Warner Bros, ensuring $40B Larry Ellison backing
- Larry Ellison gives $40.4 billion guarantee for Paramount's …
- Larry Ellison's $40.4 Billion Bet on Paramount: A New Era …
- Mediagazer
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