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Paramount-Skydance revises Warner Bros. Discovery bid with Larry Ellison’s $40.4B personal guarantee

Revised offer adds an irrevocable $40.4B personal guarantee from Oracle founder Larry Ellison, escalating Paramount-Skydance’s pursuit of Warner Bros. Discovery.

Media & Entertainment

12/22/25

9:00 AM

Signal Watch

US-National

Signal Flash — Dec 22, 2025 · 9:00 AM PT
No verified updates since publication. Paramount and Skydance have not confirmed changes to the proposed transaction.

What Happened

Paramount-Skydance amended its hostile, all-cash tender offer for Warner Bros. Discovery, adding an ‘irrevocable personal guarantee’ from Larry Ellison covering $40.4B of equity financing and related claims.

What We Know

The revised terms keep the $30-per-share cash offer (about $77.9B excluding debt) and raise the reverse termination (break) fee to $5.8B if regulators block the deal; the tender deadline was extended to Jan. 21, 2026. WBD’s board has been recommending a rival Netflix transaction and said earlier Paramount’s financing was ‘illusory.’

What We Do NOT know

Whether WBD’s board will change its recommendation; how many shareholders will tender under the revised terms; and whether regulators would approve either a Paramount–WBD tie-up or the rival Netflix path.

Why It Matters

Larry Ellison’s personal, irrevocable guarantee aims to remove doubts about Paramount-Skydance’s financing and pressure WBD shareholders and board as a competing Netflix transaction looms. The outcome could reshape streaming competition, newsroom ownership questions (CNN), and the regulatory playbook for mega-mergers.

Coverage Snapshot

Reuters and AP report the amended offer and guarantee via regulatory filings; coverage emphasizes financing certainty, the rival Netflix proposal, and expected antitrust scrutiny.

Bias Summary

Straight business reporting across outlets; framing differs mainly on which deal is ‘more certain’ (WBD board/Netflix) versus ‘financially superior’ (Paramount).

Blindspot Check

Most coverage is deal-structure focused; less attention on downstream impacts (newsroom independence at CNN, labor impacts, content/library leverage, and regional market concentration).

Media Credits

Illustration: Signal Fire Chronicles (AI-generated composite). Logos used for editorial context.