Los angeles: US media giant Paramount has enhanced its bid to acquire Warner Bros. Discovery (WBD), offering $30 per share in cash, with billionaire Larry Ellison providing a personal guarantee of $40.4 billion in equity financing to bolster the proposed deal.

According to Anadolu Agency, Paramount announced on Monday that it had revised its offer to address concerns raised by Warner Bros. Discovery. The proposal involves purchasing 100% of the outstanding shares of WBD for $30 per share in cash, assuming all assets and liabilities of the company. The statement highlighted that Larry Ellison, the founder of Oracle and controlling shareholder of Paramount, has committed to an irrevocable personal guarantee covering any potential claims against Paramount, alongside the $40.4 billion equity financing for the offer.

The announcement also noted that Ellison, who is the father of Paramount CEO David Ellison, has pledged not to transfer assets in a manner adverse to the transaction or revoke the Ellison family trust during ongoing negotiations. Earlier in the month, Warner Bros. Discovery had reached an agreement to sell its studio and streaming assets to Netflix for an enterprise value of approximately $83 billion.

In a counterproposal, Paramount expressed continued interest in acquiring Warner Bros. Discovery in its entirety, including its television network portfolio, valuing the company at an enterprise value of $108.4 billion. However, last week, Warner Bros. Discovery's board of directors advised shareholders to reject Paramount's takeover bid, urging them to support the agreement with Netflix instead.

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