Ellison guarantees Paramount WBD bid
December 22, 2025
David Ellison’s father, the Oracle founder Larry Ellison, has agreed to personally backstop the $40.4 billion (€34.3bn) in equity financing connected to the deal, and has agreed not to revoke the Ellison family trust or adversely transfer assets in the trust while any deal is pending.
“Paramount has repeatedly demonstrated its commitment to acquiring WBD. Our $30 per share, fully financed all-cash offer was on December 4th, and continues to be, the superior option to maximise value for WBD shareholders,” David Ellison said. “Because of our commitment to investment and growth, our acquisition will be superior for all WBD stakeholders, as a catalyst for greater content production, greater theatrical output, and more consumer choice. We expect the board of directors of WBD to take the necessary steps to secure this value-enhancing transaction and preserve and strengthen an iconic Hollywood treasure for the future.”
Paramount also upped its termination fee to $5.8 billion, matching Netflix, and extended the end date for the tender offer to January 21st 2026, giving WBD shareholders a few extra weeks to make a decision. The date can also be extended again by Paramount should they deem it prudent.
Ellison, of course, is trying to pry WBD out of the grasp of Netflix, which signed a definitive agreement to acquire the streaming and studios business earlier this December. Paramount, unlike Netflix, wants to buy the whole company, while the streaming giant plans to let WBD continue spinning out its linear networks business.
Meanwhile, Netflix has entered into new credit agreements totalling $25 billion to support its proposed acquisition of WBD according to a filing with the US Securities and Exchange Commission. The arrangements replace portions of an earlier bridge financing commitment.