{"title": "Skydance Enhances Offer for Warner Bros. Discovery with Oracle Founder's Personal Pledge", "body": ["Skydance Media, in partnership with Paramount, persists in its pursuit of Warner Bros. Discovery. The firm has revised its $108 billion proposal by adding an unbreakable personal commitment from Larry Ellison worth $40.4 billion. Ellison, who established Oracle and supports Skydance—founded by his son David, the CEO of the joint entity—provides this assurance."], ["Warner Bros. Discovery advised its investors on December 17 to turn down the bid from Skydance-Paramount. The media giant had previously agreed to an $82.7 billion acquisition by Netflix, anticipated to finalize next year pending oversight from regulators. In its announcement, Warner Bros. Discovery explained that its directors collectively concluded the Skydance-Paramount tender initiated on December 8, 2025, fails to serve the company's or its owners' interests and falls short of qualifying as a 'Superior Proposal' as defined in the Netflix merger pact revealed on December 5, 2025."], ["Support for the Skydance proposal came from investment arms of governments in Saudi Arabia and Qatar. Earlier, the Ellison family indicated readiness to cover the entire bid amount should those backers withdraw. However, Warner Bros. Discovery deemed this insufficient security."], ["In response, Skydance has introduced the unchangeable personal pledge along with a promise from the elder Ellison to avoid canceling or negatively altering the family trust's holdings during the deal's evaluation. Warner Bros. Discovery had indicated that only such a personal endorsement could address the proposal's shortcomings."], ["Skydance expressed frustration in rolling out these changes: No issues like these, including the call for a personal pledge, surfaced from Warner Bros. Discovery or its consultants during the three months prior to finalizing the less favorable Netflix arrangement, the company noted regarding its refreshed bid."], ["David Ellison emphasized, 'Our all-cash proposal at $30 per share, presented on December 4 and still standing, offers the best path to highest returns for Warner Bros. Discovery's investors. Thanks to our focus on expansion and development, this takeover would benefit every party involved by spurring increased media creation, expanded cinema releases, and broader options for audiences.' He added that the company's oversight team should act to lock in this beneficial deal and safeguard a legendary Los Angeles studio for years ahead."], ["The revised Skydance bid also features disclosure of the trust's holdings, greater adaptability in deal conditions, and a boost in the regulatory reverse termination fee from $5 billion to $5.8 billion to align with Netflix's terms."], ["The Skydance offer is set to conclude on January 21, 2026."]}