Ellison Backs Paramount's $40B Warner Bid
Update: 2025-12-22
Description
Billionaire Larry Ellison backs Paramounts $30/share bid for Warner Bros. Discovery assets, including movie studios, HBO, CNN, and Food Network. Paramount shifts to hostile takeover, offering $27.75/share, after Warner board picks Netflixs $72 billion deal. Ellisons son, David, reportedly stunned by Warners choice, leading to direct appeal to investors. Paramount raises termination fee to $5.8 billion, matches Netflixs offer, and secures $24 billion from Middle Eastern sovereign wealth funds. The Ellisons cover $11.8 billion, with Jared Kushners firm pulling out. The escalating showdown between Paramount and Netflix reshapes Hollywoods future as both vie for Warners extensive content library.
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