Warner Bros. Discovery, Inc. (WBD) shares climbed Monday after Paramount Skydance Corp (PSKY) made its $30-per-share takeover proposal considerably more attractive. The media world is watching as Paramount attempts to address Warner Bros.' concerns about whether this massive deal can actually close.

What Changed in the Deal

Paramount amended its all-cash acquisition offer to tackle financing and deal certainty issues raised by Warner Bros. Discovery. The headline price remains $30 per share for all outstanding stock, with Paramount taking on all assets and liabilities. But the revised terms pack considerably more punch.

The most notable addition? Oracle founder Larry Ellison agreed to provide an irrevocable personal guarantee covering $40.4 billion of equity financing for the offer, plus any potential damages claims against Paramount. When one of the world's wealthiest individuals puts his personal fortune behind a deal, it sends a pretty clear message about commitment. The amendment also includes a pledge not to revoke or materially change the Ellison family trust while the transaction is pending.

Paramount also increased the regulatory reverse termination fee to $5.8 billion from $5 billion. That's the amount Paramount would pay if regulators block the deal, essentially insurance for Warner Bros. shareholders. The updated proposal provides additional flexibility around interim operations, debt refinancing and operating covenants as well.

The tender offer now expires January 21, 2026. As of December 19, approximately 397,252 shares had been validly tendered and not withdrawn. All other terms remain unchanged from the original proposal.

Market Reaction: At the time of writing, WBD stock was trading 3.46% higher at $28.73, according to market data.