Some context from Matt Levine [0] as to what was different prior to this change.
(TL;DR, but please correct me if I'm wrong: it was previously backstopped by Ellison's revocable trust. Ellison could theoretically clear out the revocable trust at any time, and leave WBD high and dry. Now that it is backstopped by Ellison himself, there is no such worry.)
Netflix diabolically threw in a $5.8 billion reverse termination fee for their offer, which I believe is rich enough that even if their deal doesn't go through, Warner Bros has enough money to give Ellison the bird and still keep their investors happy.
All the media ownership in the world won't put the genie back in the bottle larry - zionism is dying and Americans are sick of footing the bill to their own detriment.
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[ 2.6 ms ] story [ 40.4 ms ] thread(TL;DR, but please correct me if I'm wrong: it was previously backstopped by Ellison's revocable trust. Ellison could theoretically clear out the revocable trust at any time, and leave WBD high and dry. Now that it is backstopped by Ellison himself, there is no such worry.)
[0]: https://www.bloomberg.com/opinion/newsletters/2025-12-17/war...
Paramount amends its $30 per share all-cash offer for warner bros. Discovery
https://ir.paramount.com/news-releases/news-release-details/...
https://www.cnbc.com/2025/09/18/larry-ellison-365-billion-fo...
This is another $40 billion guarantee. Imagine he gets a margin call if ORCL drops another 30%.