Paramount guarantees Larry Ellison backing in amended WBD bid

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News Brief: Paramount Skydance Bolsters WBD Bid with Ellison Guarantee

Summary

Paramount Skydance has amended its hostile takeover offer for Warner Bros. Discovery (WBD) by securing a $40.4 billion personal guarantee from billionaire Larry Ellison. This move directly addresses WBD’s board concerns about Ellison’s commitment. Paramount maintains its $30 per share, all-cash offer, valuing WBD at $108.4 billion, and argues it is superior to WBD’s agreed $83 billion asset sale to Netflix.

Key Points

  • Ellison’s Guarantee: Larry Ellison provided an irrevocable personal guarantee for $40.4 billion of the equity financing, backed by 1.2 billion Oracle shares in a trust.
  • Response to WBD: The guarantee is a direct response to WBD Chairman Samuel Di Piazza’s public doubts about Ellison’s involvement at the deal’s closing.
  • Offer Details: Paramount’s offer remains $30 per share (all-cash) for the entire WBD, not just its studio/streaming assets. The reverse breakup fee was increased to match Netflix’s.
  • Competing Deal: WBD has an agreement to sell key assets to Netflix for ~$83 billion. Paramount argues its full-company offer creates more value and preserves competition.
  • Market Reaction: WBD stock rose 3%, Paramount jumped over 7%, while Netflix dipped nearly 1% on the news.
  • Shareholder Appeal: Paramount’s backers, like RedBird’s Gerry Cardinale, are appealing directly to WBD shareholders, stating the board does not own the company.
  • Regulatory Debate: Paramount claims a Netflix-WBD combination would harm competition and consolidate too much power, while Netflix expresses confidence in gaining approval.

新闻简报：派拉蒙Skydance以埃里森担保强化对华纳兄弟探索的收购要约

摘要

派拉蒙Skydance通过获得亿万富翁拉里·埃里森的个人担保，修订了其对华纳兄弟探索公司（WBD）的敌意收购要约。此举直接回应了WBD董事会对其承诺的担忧。派拉蒙维持每股30美元的全现金报价，对WBD的企业估值为1084亿美元，并声称其方案优于WBD与Netflix达成的830亿美元资产出售交易。

关键要点

  • 埃里森担保：拉里·埃里森提供了404亿美元股权融资的不可撤销个人担保，该担保由信托持有的12亿股甲骨文股票支持。
  • 回应WBD：此举直接回应了WBD董事长塞缪尔·迪·皮亚扎此前公开质疑埃里森在交易完成时的参与度。
  • 要约细节：派拉蒙的报价仍是每股30美元（全现金），旨在收购整个WBD，而不仅仅是其影视和流媒体资产。反向分手费已提高至与Netflix报价匹配。
  • 竞争交易：WBD已同意以约830亿美元向Netflix出售核心资产。派拉蒙认为其全公司收购方案能创造更大价值并保护竞争。
  • 市场反应：消息公布后，WBD股价上涨3%，派拉蒙大涨超7%，Netflix则下跌近1%。
  • 呼吁股东：派拉蒙的支持者，如RedBird的格里·卡迪纳尔，直接向WBD股东喊话，指出董事会并不拥有公司。
  • 监管争议：派拉蒙声称Netflix与WBD的结合将损害竞争，导致权力过度集中，而Netflix则表示对获得监管批准充满信心。

Original Article Link: https://www.cnbc.com/2025/12/22/wbd-bid-paramount-larry-ellison-backing-bid.html

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