Paramount beefs up its bid for Warner Bros. Discovery with new Larry Ellison guarantee

Paramount and its controlling shareholders, the billionaire Ellison family, said the company was building out its bid for Warner Bros.

Paramount and its controlling shareholders, the billionaire Ellison family, said the company was building out its bid for Warner Bros. Discovery on Monday.

The amended bid seeks to address a number of specific concerns that Warner Bros. Discovery's board said it had with Paramount's proposed $108 billion deal.

Warner is already moving ahead with a deal to sell its television, movie and streaming assets to Netflix, making the Paramount bid a hostile one.

Paramount says it would still pay shareholders $30 per share in cash, but Oracle chairman and billionaire Larry Ellison is getting more personally involved in backing the offer.

"Larry Ellison has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount," Paramount said in a news release.