Paramount, whose CEO is David Ellison, son of Larry Ellison, an ally of Donald Trump, launched a hostile bid for Warner Bros after Netflix said it had sealed an agreement to buy the studio. The amended proposal is meant to address concerns over Paramount's bid raised by the Warner Bros board.

Paramount has sent a revised offer to buy Warner Bros. with heavy involvement from Larry Ellison, Oracle founder and father of Paramount CEO David Ellison.

WBD had urged shareholders to reject $108.4bn hostile takeover bid from Paramount, which is controlled by the Ellisons, following $82.7bn Netflix deal