Paramount Amends WBD Bid with Larry Ellison's Guarantee and Increased Fees

Paramount's Revised Offer for Warner Brothers Discovery

• 🚀 Paramount has amended its all-cash offer of $30 per share for Warner Brothers Discovery (WBD), addressing WBD's concerns.
• 💡 The core offer price remains the same, but Paramount has made six key amendments to its bid.

Larry Ellison's Financial Guarantee

• 💰 Larry Ellison is now providing an irrevocable personal guarantee of $40.4 billion for the equity financing of the offer and any potential damage claims.
• ⚠️ This addresses WBD's previous concerns about the revocable nature of the financing trust.
• 📊 Paramount has also published records confirming the Ellison Family Trust's ownership of 1.16 billion shares of Oracle common stock and disclosure of all material liabilities.

Deal Structure and Fees

• 🤝 Paramount has improved flexibility for WBD on debt refinancing transactions and interim operating covenants.
• 📈 The regulatory reverse termination fee has been increased from $5 billion to $5.8 billion, matching the fee Netflix would pay if regulators blocked a deal.
• ✅ A new condition is that WBD must continue to own 100% of its global networks businesses.