David Ellison has received personal financial backing from his father, Larry Ellison, the founder of Oracle, for Paramount’s $40.4 billion (€34.3bn) equity financing in its bid to acquire WBD. Larry Ellison has committed not to revoke or transfer assets from the Ellison family trust while the deal is pending, ensuring stability for the transaction.

David Ellison emphasized Paramount’s dedication to the acquisition, stating, “Paramount has repeatedly demonstrated its commitment to acquiring WBD. Our $30 per share, fully financed all-cash offer, made on December 4th, remains the best option to maximize value for WBD shareholders. Our focus on investment and growth will benefit all WBD stakeholders, driving increased content production, more theatrical releases, and greater consumer choice. We expect WBD’s board to take the necessary steps to secure this value-enhancing transaction and help preserve and strengthen an iconic Hollywood brand for the future.”

Paramount has also increased its termination fee to $5.8 billion, aligning with Netflix, and extended the deadline for its tender offer to January 21, 2026. This extension provides WBD shareholders additional time to consider the proposal, with the possibility of further extensions at Paramount’s discretion.

While Netflix has signed a definitive agreement to acquire WBD’s streaming and studios business, Paramount is seeking to purchase the entire company. Netflix’s plan would allow WBD to continue spinning off its linear networks business. To support its proposed acquisition, Netflix has secured new credit agreements totaling $25 billion, replacing parts of a previous bridge financing arrangement, according to a recent filing with the US Securities and Exchange Commission.

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