Paramount has officially amended its hostile takeover bid for Warner Bros. Discovery (WBD) in an effort to derail WBD’s pending sale to Netflix.
On Monday, Paramount announced it has updated its $30 per share all-cash offer to address specific concerns raised by the WBD Board of Directors. The WBD Board previously rejected Paramount’s initial bid, claiming the equity backstop from the Ellison family trust was “inadequate” and lacked a personal guarantee from Oracle founder Larry Ellison.
In response, Paramount’s revised offer includes an irrevocable personal guarantee from Larry Ellison for $40.4 billion of the equity financing, as well as any damage claims against Paramount. Additionally, Mr. Ellison has agreed not to revoke the Ellison family trust or transfer its assets during the transaction. Paramount also published records confirming the trust owns approximately 1.16 billion shares of Oracle common stock.
David Ellison, Chairman and CEO of Paramount, issued a statement regarding the amended offer and the company’s commitment to the acquisition.
“Paramount has repeatedly demonstrated its commitment to acquiring WBD,” Ellison said. “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. Because of our commitment to investment and growth, our acquisition will be superior for all WBD stakeholders, as a catalyst for greater content production, greater theatrical output, and more consumer choice. We expect the board of directors of WBD to take the necessary steps to secure this value-enhancing transaction and preserve and strengthen an iconic Hollywood treasure for the future.”
Paramount also increased its regulatory reverse termination fee from $5 billion to $5.8 billion to match the terms of the Netflix transaction. The company criticized WBD’s recent filings, noting that WBD omitted information regarding the financial analyses its board relied upon when selecting the Netflix offer.
The expiration date for the tender offer has been extended to 5:00 p.m. New York City time on January 21, 2026. As of December 19, 2025, approximately 397,252 shares had been tendered.
