Larry Ellison, founder of Oracle and one of the richest men in the world, offered financial guarantees worth 40 billion dollars to reinforce Paramount’s bid to buy Warner Bros. The initiative aims to provide more security to the company’s shareholders.
Last week, Warner’s board of directors had criticized Paramount for stating that the $108 billion proposal had the full support of Ellison and his family. Despite this, the official announcement of financial aid was only made recently.
Paramount’s move occurs in a scenario of competition with Netflix, which a few days earlier had completed the purchase of part of Warner for approximately 80 billion dollars. Ellison’s offer seeks to strengthen Paramount’s position in the dispute for control of the company.
