“Paramount has repeatedly demonstrated its commitment to acquiring WBD," Paramount CEO David Ellison said in a statement.

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