Warner Bros. Discovery plans to reject Paramount’s revised takeover proposal despite billionaire Larry Ellison’s agreement to provide an “irrevocable personal guarantee” backing the $108 billion hostile bid, TheWrap has learned.
Paramount adjusted its hostile takeover bid last week to reassure shareholders of its financing and raise its breakup fee to $5.8 billion.
Reps for WBD have not yet responded to request for comment.
CNBC first reported the news.
More to come…
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