Paramount Skydance offers $30 per share in cash to Warner Bros. Discovery shareholders, with Larry Ellison guaranteeing equity financing. Paramount would pay Warner $5.8 billion if deal falls through. Warner’s board prefers Netflix bid but may consider Paramount’s revised offer. Paramount is favored due to cash certainty and perceived regulatory ease in the US.

Financial backstop from Ellison may not sway Warner shareholders towards Paramount offer. Paramount’s bid is valued similarly to Netflix’s offer, but regulatory challenges persist. Morningstar maintains fair value estimates for Warner, Paramount, and Netflix. Warner likely to be acquired, Paramount may need to increase bid if share tender falls short. Shareholders face decision between Paramount and Netflix deals.

Read more at Morningstar: Paramount’s Revised Bid Changes Little as Warner Shareholders Decide If Netflix’s Bid Is Better