Bloomberg Tech Larry Ellison Guarantees Paramount’s Bid for WBD
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Dec 22, 2025 John Klein, a former CNN executive and media veteran, joins to discuss Larry Ellison's bold guarantee of Paramount Skydance's bid for Warner Bros. Discovery. Klein offers insight into how various acquirers value cable networks and the complexities of potential outcomes if Paramount takes over. He also explores the long-term shifts in media distribution as tech giants like YouTube dominate the landscape, reshaping economics in the industry. This conversation dives deep into the future of media amid seismic changes in ownership and technology.
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Ellison's Personal Guarantee Changes Leverage
- Larry Ellison personally guaranteed Paramount Skydance's $40B equity to address WBD's financing concerns.
- The amendment focused on funding certainty and interim operating terms rather than raising the headline price.
Terms Tweaks Aren't The Same As More Cash
- Paramount amended many terms but did not raise the cash offer, leaving the dollar comparison to Netflix unresolved.
- That omission keeps pressure on Paramount to potentially sweeten the bid to win Zaslav.
Kevin Mayer's Cautionary Tale
- Kevin Mayer warned not to count Paramount out, praising the Ellisons and other serious bidders.
- He predicted Paramount or other suitors could return with a higher offer and still sway shareholders.