Overview
- Paramount kept its hostile, all-cash offer at $30 per share for 100% of WBD, valuing the company at about $108.4 billion.
- Larry Ellison issued an irrevocable $40.4 billion personal guarantee, pledged not to revoke the family trust, and disclosed trust holdings of about 1.16 billion Oracle shares.
- Paramount raised its reverse termination fee to $5.8 billion to match Netflix and said its revised terms allow WBD greater interim operating flexibility.
- Warner Bros. Discovery confirmed receipt of the amended proposal and said the board will review it with advisors consistent with its agreement with Netflix.
- Netflix refinanced part of its $59 billion bridge financing with a $5 billion revolver and two $10 billion delayed-draw term loans, with Wells Fargo, BNP Paribas and HSBC among the lenders.