Larry Ellison guarantees $40.4 billion in Paramount’s hostile bid for Warner Bros. Discovery

Advertisement

Advertise with us

Paramount is sweetening its hostile takeover bid for Warner Bros. Discovery with an “irrevocable personal guarantee” from Larry Ellison, who is putting up billions of dollars to back the deal for his son’s company.

Read this article for free:


or

Already have an account? Log in here »

To continue reading, please subscribe:

Subscribe and receive a limited-edition Free Press branded hat or tote.

Digital Subscription

One year of digital access for only $205*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

To continue reading, please subscribe:

Add Free Press access to your Brandon Sun subscription for only an additional

$1 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles
Start now

*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.

Hey there, time traveller!
This article was published 22/12/2025 (280 days ago), so information in it may no longer be current.

Paramount is sweetening its hostile takeover bid for Warner Bros. Discovery with an “irrevocable personal guarantee” from Larry Ellison, who is putting up billions of dollars to back the deal for his son’s company.

On Monday, Skydance-owned Paramount announced that Larry Ellison — the founder of Oracle and father of Paramount CEO David Ellison — had personally agreed to be responsible for $40.4 billion of equity financing for the company’s offer, as well as any damage claims.

Paramount had previously said that the Ellison family trust would be backing more than $40 billion of its bid for Warner. But Warner’s board was critical of that decision last week, arguing that Paramount had “consistently misled” shareholders about the Ellison family’s backing because a “revocable trust is no replacement for a secured commitment.”

The Paramount Pictures water tower is seen in Los Angeles, Thursday, Dec. 18, 2025, with the Hollywood sign in the distance. (AP Photo/Jae C. Hong)
The Paramount Pictures water tower is seen in Los Angeles, Thursday, Dec. 18, 2025, with the Hollywood sign in the distance. (AP Photo/Jae C. Hong)

Paramount took a swipe at that assertion on Monday — maintaining that Larry Ellison holds the majority of the trust’s assets and that Warner had not previously asked for a personal guarantee. But nevertheless, the company said, it “elected to address WBD’s current stated concerns.”

Beyond doubling down on Ellison’s backing, Paramount also said it would increased its payout if the deal is blocked by regulators. The company is now upping the breakup fee to $5.8 billion — matching what Netflix has already put on the table for its proposed transaction.

The value of Paramount’s $30 per share offer otherwise remains unchanged. But the company is extending the window for shareholders to “tender” their shares, with a deadline now set for Jan. 21.

“Paramount has repeatedly demonstrated its commitment to acquiring WBD,” Paramount CEO David Ellison said in a statement, adding that his company’s offer continues to be “the superior option to maximize value for WBD shareholders.”

Paramount’s all-cash bid for all of Warner’s properties — including networks like CNN and Discovery — is valued at $77.9 billion, not including debt. But Warner’s board has urged shareholders to back the cash-and-stock deal it struck with Netflix earlier this month, which would sell its studio and streaming business for $72 billion.

The Associated Press reached out to media contacts for Warner and Netflix for further comments on Monday. In a letter to shareholders last week, Warner’s board maintained that the terms of the Netflix merger were superior, while “the PSKY offer is illusory.”

Also on Monday, Netflix disclosed that it had refinanced part of its $59 billion bridge loan for its proposed acquisition. A regulatory filing outlined $15 billion in financing between revolving credit and delayed-draw term loans.

Shares of Paramount-Skydance jumped more than 5% in Monday morning trading. Warner Bros. Discovery stock was up almost 3%, while Netflix slipped about 0.7%.

Report Error Submit a Tip

More Stories

Winnipeg Police Service recognizes, honours residential school survivors as Orange Shirt Day approaches

Malak Abas 3 minute read Preview

Winnipeg Police Service recognizes, honours residential school survivors as Orange Shirt Day approaches

Malak Abas 3 minute read Yesterday at 7:27 PM CDT

Winnipeg Police Service members lit a sacred fire outside of their North District Station in recognition of residential school survivors ahead of the upcoming Orange Shirt Day.

“We know that the relationship between policing and Indigenous communities has not always been one of trust,” WPS Chief Gene Bowers told visitors at a gathering outside of the station Sunday afternoon.

“We cannot change that history, but we can acknowledge it, we can learn from it, and we can take responsibility for how we move forward.”

The sacred fire, guided by elder Mike Calder, will burn for 24 hours at the Sinclair Street station, and then be allowed to extinguish naturally. It’s the second year the WPS has lit a sacred fire in recognition of residential school survivors — last year, the fire was lit outside of WPS headquarters on Smith Street.

Read
Yesterday at 7:27 PM CDT

Wab Kinew as ‘communicator in chief’

Paul G. Thomas 6 minute read Preview

Wab Kinew as ‘communicator in chief’

Paul G. Thomas 6 minute read 2:00 AM CDT

Premier Wab Kinew and his party have been riding high in the polls longer than normal for a government one year or less away from its first re-election contest. One reason is his ubiquitous, dominating communications presence as NDP leader and premier.

The argument here is that Kinew has supplemented his prerogatives as premier and party leader (such as appointing cabinet ministers and approving party nominations) with the skilful use of communications to advance his policy agenda, boost his personal popularity and maintain the competitive advantage of his party over the opposition Progressive Conservatives.

Communications has always been a significant part of politics and policy making. However, in the contemporary political and media environments, communications considerations have moved from the background to the foreground of decision-making by political parties, including when they are performing in the role of government. Campaigning and governing now overlap in what has been described as a permanent election campaign.

Political parties use communications strategies for several purposes: to establish an image of the leader which makes a positive emotional connection with voters; to promote a coherent message and to keep party members on message; and to gain favourable media coverage for its policies and other actions on almost a daily basis.

Read
2:00 AM CDT

Jets place two on waivers

1 minute read Yesterday at 1:12 PM CDT

The Winnipeg Jets are one step closer to being down to numbers.

On Sunday afternoon, centre Danny Zhilkin and defenceman Henry Thrun were placed on waivers.

That decision would suggest  defenceman Tyrel Bauer is in line to break camp with the NHL club for the first time in his career.

The final roster, with a maximum of 23 players, must be submitted on Monday afternoon.

What’s open, what’s closed, what’s up in Winnipeg on National Day of Truth and Reconciliation Sept. 30, 2026

Free Press staff 4 minute read Preview

What’s open, what’s closed, what’s up in Winnipeg on National Day of Truth and Reconciliation Sept. 30, 2026

Free Press staff 4 minute read Yesterday at 10:38 AM CDT

The National Day of Truth and Reconciliation, or Orange Shirt Day, as it's known in Manitoba, happens Sept. 30 with many commemorative community events scheduled.

Read
Yesterday at 10:38 AM CDT

Signs of local neo-Nazi recruiting efforts spark concern

Conrad Sweatman 7 minute read Preview

Signs of local neo-Nazi recruiting efforts spark concern

Conrad Sweatman 7 minute read Saturday, Sep. 26, 2026

A far-right canvassing push in Manitoba this month is raising concerns among Winnipeg residents.

Stickers promoting Nationalist-13, a men’s-only neo-Nazi group also known as NS-13 based primarily in Hamilton, Ont., have appeared in Winnipeg and parts of southern Manitoba. The stickers bear national socialist branding and messages such as “White Man, Fight Back” and “White Community, Political Action, Training and Fitness.”

Winnipeg writer Jess Woolford recently encountered an NS-13 poster on Pembina Highway.

“It was appalling,” Woolford said. “It has the Nazi death heads covering people’s faces. It was pretty disturbing to come across this … I just didn’t expect to see it so blatantly displayed in my neighbourhood.”

Read
Saturday, Sep. 26, 2026

Today’s horoscope

Georgia Nicols 4 minute read Preview

Today’s horoscope

Georgia Nicols 4 minute read 2:00 AM CDT

MOON ALERT: Avoid shopping or important decisions from 4:30 a.m. until 10:15 a.m. After that, the moon moves from Aries into Taurus.

ARIES (March 21-April 19)

Financial discussions, especially about speculation, sports or dealing with your kids, might be confrontational. However, the bigger news is that a partner, spouse or close friend might surprise you by saying or doing something you least expect. Stay tuned.

TAURUS (April 20-May 20)

Read
2:00 AM CDT