Paramount's WBD offer carried a $40.4 billion Ellison guarantee
The $30-per-share bid used Ellison Trust and RedBird equity, up to $54 billion in bridge debt, and Larry Ellison's $40.4 billion guarantee.
Entities and roles
- David EllisonParamount Skydance chair and chief executive
- CBS NewsParamount news and broadcast asset
- Larry EllisonTrump friend and financing guarantor for Paramount Skydance
- CNNWBD news asset
- Paramount Skydance Corporationacquisition bidder
- Warner Bros. Discovery, Inc.acquisition target
- RedBird Capital Partnersequity-financing participant
- Donald J. Trumpsitting president closely allied with the transaction's principal financiers
Relationships in this file
- Paramount Skydance Corporation$30-per-share acquisition offerWarner Bros. Discovery, Inc.
- RedBird Capital Partnersequity-financing commitmentParamount Skydance Corporation
- Donald J. Trumpmedia executive closely allied with TrumpDavid Ellison
- Donald J. Trumpclose Trump associate and financing guarantor for his son's media companyLarry Ellison
Claims and evidence
- factdocumented
Paramount Skydance's amended tender filing says its $30-per-share bid for Warner Bros. Discovery was supported by Ellison Trust and RedBird equity, up to $54 billion in bridge debt, and Larry Ellison's personal guarantee of the trust's $40.4 billion funding obligation.
- U.S. Securities and Exchange Commission: Paramount Skydance tender-offer statement for Warner Bros. DiscoverySummary Term Sheet and Source and Amount of Funds
- Associated Press: Takeover bid of parent company means limbo for CNN and some fellow cable networksPassages identifying David Ellison's Paramount control, Larry Ellison's financing role, and Larry Ellison's relationship with Trump
Measurements
Maximum bridge-debt commitmentsup to $54,000,000,000 - Basis
- Observed
- Population
- Bridge debt available for Paramount's December WBD bid
- Period
- 2025-12-22 to 2025-12-22
- As of
- 2025-12-22
- Method
- Use the maximum bridge facility in the tender filing.
- Uncertainty
- Maximum committed capacity, not borrowing drawn or transaction value.
Larry Ellison funding guarantee$40,400,000,000 - Basis
- Observed
- Population
- Ellison Trust funding obligation for Paramount's December 2025 WBD offer
- Period
- 2025-12-22 to 2025-12-22
- As of
- 2025-12-22
- Method
- Use the personal-guarantee amount stated in Paramount's amended Schedule TO.
- Uncertainty
- A guarantee is contingent financing capacity, not a payment, acquisition price, or realized loss.
December cash offer per share$30 per share - Basis
- Observed
- Population
- Cash consideration offered for each Warner Bros. Discovery share
- Period
- 2025-12-22 to 2025-12-22
- As of
- 2025-12-22
- Method
- Direct observation: the per-share price from the amended tender filing.
- Uncertainty
- Per-share offer, not aggregate transaction value or payment already made.