<p>Warner Bros Discovery will likely reject Paramount Skydance&#8217;s amended $108.4 billion hostile bid for the storied Hollywood studio despite a personal guarantee from billionaire Larry Ellison backing the media giant&#8217;s offer, according to a person familiar with the matter.</p>
<p>The board has yet to make a final decision, but is expected to meet next week, said the person, who requested anonymity to discuss internal deliberations.</p>
<p>Warner Bros and Paramount declined to comment on the board&#8217;s position, reported earlier by CNBC.</p>
<p>The decision could keep Warner Bros on track to pursue a rival cash-and-stock deal with Netflix despite Paramount&#8217;s attempt to sweeten its offer.</p>
<p>Ellison, whose son David is chairman and CEO of Paramount, personally guaranteed the equity underpinning the bid, hoping to ease doubts that had dogged its earlier proposal.</p>
<p>The company did not increase its $30-per-share all-cash offer, but it raised its regulatory reverse termination fee to match Netflix and extended its tender offer deadline.</p>
<p>Netflix&#8217;s $82.7 billion offer, while lower in headline value, offers a clearer financing structure and fewer execution risks, analysts have said.</p>
<p>Under terms of that agreement, Warner Bros would face a $2.8 billion breakup fee if it walks away from the Netflix deal.</p>
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<p>Harris Oakmark, Warner Bros&#8217; fifth largest investor with 96 million shares, said the revised offer wasn&#8217;t &#8220;sufficient,&#8221; and noted that it was not enough to cover the breakup fee.</p>
<p>Paramount has argued its bid would face fewer regulatory obstacles. A combined Paramount-Warner Bros entity would create a studio larger than industry leader Disney and merge two major television operators.</p>
<p>Warner Bros&#8217; board previously urged shareholders to reject Paramount&#8217;s $108.4 billion bid for the entire company, including its cable television assets, citing concerns over financing certainty and the absence of a full guarantee from the Ellison family.</p>
<p>Paramount has argued its offer is more market-proof than Netflix&#8217;s $82.7 billion proposal, whose value has fluctuated with Netflix&#8217;s share price.</p>
<p>Lawmakers from both parties have raised concerns about further consolidation in the media industry. U.S. President Donald Trump has said he plans to weigh in on the landmark acquisition.</p>
<p>(Reporting by Akash Sriram in Bengaluru; Editing by Dawn Kopecki, Krishna Chandra Eluri, Anil D&#8217;Silva and David Gregorio)</p>

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Warner Bros Likely To Reject Paramount’s Latest Hostile Bid, Source Says