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Ellisons Pledge $40BN for Warner Media Takeover
22 Dec
Summary
- Larry Ellison guarantees over $40 billion for Paramount's bid.
- Warner Bros. Discovery urged shareholders to reject the offer.
- Paramount accused of misleading investors about Ellison's backing.
Tech billionaire Larry Ellison has agreed to provide a personal guarantee exceeding $40 billion for Paramount Skydance's pursuit of Warner Bros. Discovery (WBD). This significant financial backing is part of an intense corporate battle for control of the entertainment giant.
WBD has strongly advised its shareholders to vote against Paramount's $108.4 billion hostile takeover bid. This move comes shortly after WBD reportedly agreed to sell its valuable assets, including its film studios, HBO network, and streaming service, to Netflix for $82.7 billion earlier this month.
Furthermore, WBD has accused Paramount of repeatedly misleading its investors. Specifically, WBD claims Paramount falsely represented that its offer possessed a complete financial safety net from the Ellisons. Ellison's commitment now aims to address these funding concerns.
