Paramount Skydance Corporation today has amended its offer for Warner Bros. Discovery, to address WBD’s concerns.
On December 17, WBD asserted that the equity backing from the Ellison family trust was inadequate, and that the only fix would be a personal guarantee from Larry Ellison.
Paramount has now amended its offer to WBD shareholders with an irrevocable personal guarantee of $40.4 billion from Larry Ellison, in addition to an agreement not to revoke the Ellison family trust or adversely transfer its assets during the pendency of the transaction.
David Ellison, chairman and CEO of Paramount, said: “Paramount has repeatedly demonstrated its commitment to acquiring WBD. Our $30 per share, fully financed all-cash offer was on December 4, and continues to be, the superior option to maximize value for WBD shareholders … We expect the board of directors of WBD to take the necessary steps to secure this value-enhancing transaction and preserve and strengthen an iconic Hollywood treasure for the future.”
In other Warner Bros. Discovery news, the company has appointed Adrienne O’Hara as executive vice president and chief communications and public affairs officer for Discovery Global — the planned new company that will hold Warner Bros. Discovery’s linear TV networks and related channels after WBD splits into two separate businesses.
O’Hara was most recently SVP of Global Communications and Engagement at Gap Inc. and will report to Gunnar Wiedenfels, slated to be president and CEO of Discovery Global.
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