Paramount guarantees Larry Ellison backing in amended WBD bid
December 22, 2025 • 2m 54s
Andrew Ross Sorkin (Co-anchor of Squawk Box)
00:00.070
we
do
have
to
break
the
news
that
we
need
to
tell
you
about
literally
crossing
the
tape
as
we
speak
paramount
skydance
amending
its
thirty
dollars
per
share
all
cash
offer
for
warner
brothers
discovery
in
response
to
WB
d's
concerns
about
the
bid
paramount
is
still
offering
to
Andrew Ross Sorkin (Co-anchor of Squawk Box)
00:17.150
buy
a
hundred
percent
of
the
outstanding
shares
of
WBD
and
assume
all
of
the
assets
and
liabilities
the
per
share
offer
price
is
not
changing
it
does
not
appear
to
be
but
paramount
says
in
response
to
a
warner
brothers
filing
and
comments
made
by
WBD
's
principals
and
advisers
Andrew Ross Sorkin (Co-anchor of Squawk Box)
00:34.470
instant
television
appearances
including
right
here
on
squawk
box
that
is
now
going
to
amend
its
offer
in
six
different
ways
and
i
want
to
walk
you
through
what
they're
saying
here
because
it's
really
quite
interesting
what
they're
what
they're
what
they're
going
to
do
here
the
Andrew Ross Sorkin (Co-anchor of Squawk Box)
00:49.630
first
larry
ellison
is
now
going
to
provide
an
irrevocable
personal
guarantee
of
forty
point
four
billion
dollars
of
the
equity
financing
for
the
offer
and
any
damages
any
damage
claims
against
paramount
you
may
remember
that
was
a
big
issue
that
the
board
of
warner
brothers
has
Andrew Ross Sorkin (Co-anchor of Squawk Box)
01:08.590
talked
about
saying
it
was
in
this
revocable
trust
so
ellison
now
saying
he
will
not
revoke
the
ellison
family
trust
or
adversely
transfer
its
assets
during
the
transaction
the
other
pieces
of
this
paramount
now
saying
it's
publishing
records
confirming
the
ellison
family
trust
Andrew Ross Sorkin (Co-anchor of Squawk Box)
01:27.510
owns
approximately
one
point
one
six
billion
shares
of
oracle
common
stock
and
that
all
material
liabilities
of
the
elephant
family
trust
are
publicly
disclosed
that
was
also
an
important
point
because
WBD
's
board
had
had
some
questions
about
how
much
money
was
actually
in
Andrew Ross Sorkin (Co-anchor of Squawk Box)
01:45.950
these
trusts
then
paramount
now
saying
it's
revised
its
agreement
offers
improve
flexibility
to
WBD
on
debt
refinancing
transactions
representing
and
an
interim
operating
covenant
so
that's
another
piece
of
this
and
then
paramount
also
saying
it
plans
to
increase
its
regulatory
Andrew Ross Sorkin (Co-anchor of Squawk Box)
02:04.430
reverse
termination
fee
so
that
fee
now
going
to
go
from
five
billion
dollars
to
five
point
eight
billion
dollars
that
effectively
matches
the
fee
that
netflix
would
pay
if
in
fact
the
government
or
regulators
were
to
block
the
deal
lastly
the
offer
is
now
conditioned
on
W
B
D
Andrew Ross Sorkin (Co-anchor of Squawk Box)
02:22.710
continuing
to
own
a
hundred
percent
of
its
global
networks
businesses
and
that
is
important
because
it
touches
upon
what's
going
to
happen
if
in
fact
warner
would
try
to
spin
something
out
early
redbirds
jerry
cardinal
is
going
to
be
with
us
cardinal
is
going
to
be
with
us
to
Andrew Ross Sorkin (Co-anchor of Squawk Box)
02:40.230
talk
about
all
of
this
and
this
revised
bid
in
just
a
few
minutes
so
you
do
not
want
to
go
anywhere
as
this
breaking
news
takes
place
in
what
is
perhaps
the
biggest
deal
in
the
media
space
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