Paramount Amends Tender Offer for Warner Bros. Discovery Shares

Summary

On December 22, 2025, Paramount Skydance Corporation amended its previously announced tender offer for all outstanding shares of Warner Bros. Discovery, Inc. The amendment addresses concerns raised by WBD, including the provision of an irrevocable personal guarantee from Larry Ellison for $40.4 billion of the equity financing. The offer, now at $30 per share in cash, also includes improved flexibility on debt refinancing transactions and interim operating covenants. The tender offer expiration date has been extended to January 21, 2026. The offer is contingent upon WBD maintaining 100% ownership of its Global Networks business and other customary conditions.