Paramount is strengthening its hostile takeover bid for Warner Bros. Discovery with Larry Ellison’s irrevocable personal guarantee of $40.4 billion. Warner’s board previously criticized Paramount’s bid for relying on a revocable trust. Paramount is increasing the breakup fee to $5.8 billion and extending the tender deadline to Jan. 21.

Paramount CEO David Ellison reaffirmed the company’s commitment to acquiring Warner Bros. Discovery, stating their offer is the superior option. Paramount’s all-cash bid for Warner’s properties, valued at $77.9 billion, excludes debt. Warner’s board is urging shareholders to support the cash-and-stock deal with Netflix for $72 billion.

Paramount-Skydance shares rose nearly 7% in morning trading, while Warner Bros. Discovery saw a more than 2% increase. Netflix experienced a slight 0.7% decline in stock value. Both Warner and Netflix have yet to comment further on the ongoing acquisition battle between the two companies.

Read more at Yahoo Finance: Larry Ellison guarantees $40.4 billion in Paramount’s hostile bid for Warner Bros. Discovery