Oracle Co-Founder Backs $108.4 Billion Paramount Offer Amid Netflix Rival Bid
Billionaire backs son's massive Warner Bros takeover bid.
Oracle co-founder Larry Ellison has committed an irrevocable personal guarantee of $40.4 billion in equity financing to strengthen Paramount Skydance Corp.'s hostile bid for Warner Bros. Discovery Inc. This move, announced on December 22, 2025, directly addresses previous criticisms from Warner Bros.' board regarding the reliability of funding from the Ellison family trust, which had been revocable.
The pledge supports Paramount's amended offer of $30 per share, valuing the entire company at approximately $108.4 billion including debt. Paramount, led by CEO David Ellison—Larry Ellison's son—has taken the proposal directly to shareholders after multiple rejections by Warner Bros.' board, which favors a competing $82.7 billion deal from Netflix for the studio and streaming assets.
Additional enhancements in Paramount's revised terms include increased flexibility on debt refinancing, adjusted operating covenants, and a raised reverse termination fee to $5.8 billion if regulators block the deal. Larry Ellison also agreed not to revoke the family trust or transfer its assets adversely during the transaction period, with key holdings in Oracle shares disclosed.
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Netflix simultaneously bolstered its bid by securing refined debt financing to maintain investment-grade ratings, though neither suitor increased their price offers. Warner Bros. Discovery confirmed receipt of the amended proposal and stated it would evaluate the terms without altering its support for the Netflix agreement.
Market reactions showed Warner Bros. shares rising around 3%, Paramount gaining over 4%, and Netflix dipping slightly, as the contested takeover—one of the largest media deals in recent years—continues to unfold with a tender offer extension to January 21, 2026. The outcome could significantly reshape the entertainment landscape by combining iconic studios under either traditional or streaming-focused ownership.
Also Read: Netflix to Acquire Warner Bros. Discovery in Historic $83 Billion Mega Deal
