Paramount on Monday updated its takeover bid for Warner Bros. Discovery with a guarantee from Oracle chair Larry Ellison to provide an "irrevocable personal guarantee of $40.4 billion of the equity financing" for its offer.
Why it matters: When rejecting Paramount's hostile bid last week, the Warner Bros. board said that Paramount "misled shareholders" about the reliability of its backstop from Paramount CEO David Ellison's family because the backstop funding was coming from a revocable family trust that could be amended before the deal closed.
