The Larry Ellison Paramount Warner Bros Discovery bid reached a fever pitch on Monday, December 22, 2025, as the Oracle co-founder officially put his personal fortune on the line to rescue his son’s ambitious media merger. Larry Ellison has provided an irrevocable personal guarantee of $40.4 billion in equity financing to support Paramount’s (now Skydance-owned) hostile takeover attempt of Warner Bros. Discovery (WBD). This massive financial backstop is designed to silence skepticism from the WBD board, which had previously labeled Paramount’s $108.4 billion offer as “illusory” and “inadequate.”
This dramatic turn in the Larry Ellison Paramount Warner Bros Discovery bid saga directly addresses the primary objection raised by WBD on December 17. The board had rejected Paramount’s initial proposal, arguing that the financing originally held in a revocable family trust was not a secured commitment. By adding his personal signature to the financing, the world’s fourth-richest man is now personally liable for nearly 40% of the total deal value. Paramount also increased its regulatory reverse termination fee to $5.8 billion, matching the breakup fee offered by Netflix in its rival bid.
The battle for control of Hollywood’s most iconic assets has now become a two-horse race. The Larry Ellison Paramount Warner Bros Discovery bid of $30 per share for the entire company including CNN, Discovery, and the linear networks stands in contrast to Netflix’s $83 billion agreement. The Netflix deal is more targeted, seeking only WBD’s movie studios, HBO, and the Max streaming service while spinning off the cable networks. David Ellison, CEO of Paramount, maintains that his all-cash offer is “the superior option” to maximize value for WBD shareholders and prevent the “dismantling” of a storied studio.
Market reaction to the Larry Ellison Paramount Warner Bros Discovery bid update was immediate, with WBD shares rising 2.8% and Paramount (PSKY) climbing 7% following the announcement. While the WBD board has confirmed receipt of the amended offer, they have not yet modified their recommendation for the Netflix deal. With a new “tender” deadline set for January 21, 2026, the industry is braced for a month of intense legal maneuvering and shareholder lobbying that will ultimately decide the future of the HBO, Harry Potter, and DC Comics franchises.
