ISTANBUL

US media and entertainment company Paramount has updated its bid to acquire Warner Bros. Discovery (WBD) for $30 per share in cash, with billionaire Larry Ellison providing a personal guarantee of $40.4 billion in equity financing for the proposed deal.

Paramount announced Monday that it had revised the offer to address concerns raised by Warner Bros. Discovery. "Paramount continues to offer to purchase, for $30 per share in cash, 100% of the outstanding shares of WBD, and therefore will assume all assets and liabilities of WBD."

The statement added that Larry Ellison, the founder of Oracle and controlling shareholder of Paramount, has agreed to provide an irrevocable personal guarantee covering any potential claims against Paramount, along with $40.4 billion in equity financing for the offer.

Paramount also said Ellison — the father of Paramount CEO David Ellison — committed not to transfer assets in a manner adverse to the transaction or revoke the Ellison family trust while negotiations remain ongoing.

Earlier this month, Warner Bros. Discovery reached an agreement to sell Netflix its studio and streaming assets for an enterprise value of around $83 billion.

As a counterproposal, Paramount said it remains interested in acquiring Warner Bros. Discovery in its entirety, including its television network portfolio, valuing the company at an enterprise value of $108.4 billion.

Last week, Warner Bros. Discovery's board of directors advised shareholders to reject Paramount's takeover bid and support the agreement reached with Netflix.

Despite raising its proposed reverse termination fee to match Netflix's offer, Paramount notably did not raise its proposal on Monday, maintaining that its bid remains "superior."