❓WHAT HAPPENED: Paramount has amended its $108 billion bid for Warner Bros. Discovery, addressing concerns raised by WBD’s board.
👤WHO WAS INVOLVED: Paramount, Warner Bros. Discovery, Netflix, and Oracle chairman Larry Ellison.
📍WHEN & WHERE: The announcement was made on December 22; the ongoing negotiations involve major media companies in the U.S.
💬KEY QUOTE: “Larry Ellison has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount.” – Paramount.
🎯IMPACT: Paramount’s revised bid intensifies competition with Netflix for WBD’s assets, while regulatory and shareholder concerns remain.
Paramount and its controlling shareholders, the billionaire Ellison family, said Monday they have revised their $108 billion bid to acquire Warner Bros. Discovery (WBD), seeking to address concerns previously raised by WBD’s board while maintaining a hostile posture toward the company.
Paramount reiterated its offer of $30 per share in cash for WBD and disclosed that Oracle chairman Larry Ellison is now personally backing the financing. In a statement, the company said, “Larry Ellison has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount.” Paramount also increased its breakup fee from $5 billion to $5.8 billion, matching the fee included in a competing proposal from Netflix and making it one of the largest such fees ever proposed in a merger.
The revised bid comes as WBD is already moving forward with a separate agreement to sell its film studio, television assets, HBO network, and streaming business to Netflix. Paramount’s offer differs sharply, as it seeks to acquire all of Warner Bros. Discovery rather than a limited set of assets. Paramount has argued that its proposal would face fewer regulatory hurdles, pointing to the Ellison family’s recent success in securing government approval for the acquisition of Paramount itself earlier this year.
The takeover effort unfolds amid broader upheaval at Paramount. In 2024, the company cut nearly 800 employees across CBS News and other divisions as part of cost-cutting measures. It has also faced legal pressure, including efforts in 2025 to seek a settlement in President Donald J. Trump’s $10 billion lawsuit against the company. At the same time, Paramount has pursued growth initiatives, including a multibillion-dollar deal securing exclusive U.S. rights to UFC programming.
Tensions inside CBS News have also drawn attention. Bari Weiss, recently installed as Editor-in-Chief, pulled a 60 Minutes segment from broadcast, prompting internal criticism. Correspondent Sharyn Alfonsi wrote to colleagues, “Our story was screened five times and cleared by both CBS attorneys and Standards and Practices. It is factually correct. In my view, pulling it now, after every rigorous internal check has been met, is not an editorial decision, it is a political one.”
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