Dec. 22 (UPI) -- Paramount Skydance amended its hostile bid to take over Warner Bros. Discovery, guaranteeing the backing of Larry Ellison.
"Larry Ellison has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount," the company said in a press release. Ellison also agreed not to revoke the Ellison family trust or adversely transfer its assets during the pendency of the transaction.
Last week, WBD urged its shareholders not to accept Paramount's bid, saying it wasn't backed by billionaire Larry Ellison, father of Paramount's CEO.
WBD agreed to sell to Netflix but Paramount, which had been in a bidding war with Netflix, mounted a hostile bid.
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