David Ellison’s Paramount has sent a revised offer to acquire Warner Bros., one that keeps the $30 per share price tag but resolves many of the issues that the WBD board had with the deal.
The big change: David Ellison’s father and Oracle founder Larry Ellison has agreed to personally backstop the $40.4 billion in equity financing connected to the deal, and he has agreed not to revoke the Ellison family trust or adversely transfer assets in the trust while any deal is pending.
Paramount also upped its termination fee to $5.8 billion, matching Netflix, and extended the end date for the tender offer to Jan. 21, 2026, giving WBD shareholders a few extra weeks to make a decision.
More to come.