Paramount Skydance Corporation has revised its acquisition proposal for Warner Bros. Discovery (WBD) in response to concerns raised by WBD. On December 17, WBD indicated that the equity support from the Ellison family trust was insufficient and requested a personal guarantee from Larry Ellison as a solution.

In its updated offer, Paramount has now provided WBD shareholders with an irrevocable personal guarantee of $40.4 billion from Larry Ellison. The proposal also includes a commitment not to revoke the Ellison family trust or transfer its assets in a way that could negatively impact the transaction while it is pending.

David Ellison, chairman and CEO of Paramount, stated, “Paramount has consistently shown its dedication to acquiring WBD. Our $30 per share, fully financed all-cash offer, made on December 4, remains the best option to maximize value for WBD shareholders. We urge the WBD board of directors to take the necessary steps to secure this value-enhancing transaction and ensure the future of this iconic Hollywood company.”

In a separate development, WBD has appointed Adrienne O’Hara as executive vice president and chief communications and public affairs officer for Discovery Global. Discovery Global is the planned new entity that will oversee WBD’s linear TV networks and related channels following the company’s split into two separate businesses. O’Hara, who was previously SVP of Global Communications and Engagement at Gap Inc., will report to Gunnar Wiedenfels, who is set to become president and CEO of Discovery Global.

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