offer

Billionaire Larry Ellison has stepped up, agreeing to personally guarantee part of Paramount’s bid for rival Warner Bros. Discovery.

Ellison’s personal guarantee of $40.4 billion in equity, disclosed Monday, ups the ante in the acrimonious auction for Warner Bros. movie and TV studios, HBO, CNN and Food Network.

Ellison, whose son David Ellison is chief executive of Paramount, agreed not to revoke the Ellison family trust or adversely transfer its assets while the transaction is pending. Paramount’s $30-a-share offer remains unchanged.

Warner Bros. Discovery’s board this month awarded the prize to Netflix. The board rejected Paramount’s $108.4-billion deal, largely over concerns about the perceived shakiness of Paramount’s financing.

Paramount shifted gears and launched a hostile takeover, appealing directly to Warner shareholders, offering them $30 a share.

“We amended this Offer to address Warner Bros. stated concerns regarding the Prior Proposal and the December 8 Offer,” Paramount said in a Monday Securities & Exchange Commission filing. “Mr. Larry Ellison is providing a personal guarantee of the Ellison Trust’s $40.4 billion funding obligation.”

The Ellison family acquired the controlling stake in Paramount in August. The family launched their pursuit of Warner Bros. in September but Warner’s board unanimously rejected six Paramount proposals.

Paramount started with a $19 a share bid for the entire company. Netflix has offered $27.75 a share and only wants the Burbank studios, HBO and the HBO Max streaming service. Paramount executives have held meetings with Warner investors in New York, where they echoed the proposal they’d submitted in the closing hours of last week’s auction.

On Monday, Paramount also agreed to increase the termination fee to $5.8 billion from $5 billion, matching the one that Netflix offered.

Warner Bros. board voted unanimously to accept Netflix’s $72-billion offer, citing Netflix’s stronger financial position, the board has said.

Three Middle Eastern sovereign wealth funds representing royal families in Saudi Arabia, Qatar and Abu Dhabi have agreed to provide $24 billion of the $40.4-billion equity component that Ellison is backing.

The Ellison family has agreed to cover $11.8-billion of that. Initially, Paramount’s bid included the private equity firm of Jared Kushner, Trump’s son-in-law, but Kushner withdrew his firm last week.

Paramount confirmed that the Ellison family trust owns about 1.16 billion shares of Oracle common stock and that all material liabilities are publicly disclosed.

“In an effort to address Warner Bros.’s amorphous need for ‘flexibility’ in interim operations, Paramount’s revised proposed merger agreement offers further improved flexibility to Warner Bros. on debt refinancing transactions, representations and interim operating covenants,” Paramount said in its statement.

Paramount has been aggressively pursuing Warner Bros. for months.

David Ellison was stunned earlier this month when the Warner Bros. board agreed to a deal with Netflix for $82.7 billion for the streaming and studio assets.

Paramount subsequently launched its hostile takeover offer in a direct appeal to shareholders. Warner Bros. board urged shareholders to reject Paramount’s offer, which includes $54 billion in debt commitments, deeming it “inferior” and “inadequate.” The board singled out what it viewed as uncertain financing and the risk implicit in a revocable trust that could cause Paramount to terminate the deal at any time.

Paramount, controlled by the Ellisons, is competing with the most valuable entertainment company in the world to acquire Warner Bros.

Executives from both Paramount and Netflix have argued that they would be the best owners and utilize the Warner Bros. library to boost their streaming operations.

In its letter to shareholders and a detailed 94-page regulatory filing last week, Warner Bros. hammered away at risks in the Paramount offer, including what the company described as the Ellison family’s failure to adequately backstop their equity commitment.

The equity is supported by “an unknown and opaque revocable trust,” the board said. The documents Paramount provided “contain gaps, loopholes and limitations that put you, our shareholders, and our company at risk.”

Netflix also announced Monday that it has refinanced part of a $59 billion bridge loan with cheaper and longer-term debt.

Bloomberg contributed to this report.

JET2 has teamed up with Eurocamp to launch holiday park packages for the first time.

The new holiday park deals with Jet2holidays will launch from summer 2026.

Eurocamp – the UK’s leading European outdoor family holiday specialist – has parks across France, Italy and Croatia.

Each package includes return flights with Jet2 as well as 22kg baggage, 10kg carry-on baggage, car hire and accommodation.

In total, 32 parks have been chosen with locations ranging from pretty beaches to beautiful mountains and lakes.

The destinations can be found in the Paris area, South of France, Dordogne, Provence, Roussillon and Languedoc in France, Sardinia and Lake Garda in Italy and the Istrian Coast and Dalmatia Coast in Croatia.

Read more on travel inspo

CHEAP BREAKS

UK’s best 100 cheap stays – our pick of the top hotels, holiday parks and pubs

ALL IN

I found the best value all inclusive London hotel… just £55pp with free food & booze

You can leave the towels and bed linen at home too, as they are also included.

There will be a range of two and three bed mobile homes to book and each site will also have entertainment and activities.

Whilst the sites do differ, a lot of them do have pools and outdoor activities to choose from.

There are also different levels of accommodation to choose depending on your budget.

The most affordable is the Classic option, which are self-catered homes on the lower end of the price scale.

However the most popular option is Comfort, one level up from this.

Or you can splash out on Premium, Premium Exclusive, Ultimate or Ultimate Plus.

These all have extras such as free WiFi, larger living areas and outdoor spaces, or private hot tubs.

Jet2 boss Steve Heapy the launch was to offer “unforgettable outdoor holidays across Europe with Jet2holidays”.

He added: “We know just how popular Eurocamp is, and we are very confident that its appeal, together with the perks of a Jet2holidays package, will mean that this new proposition is a huge success.”

Ross Matthews, chief marketing officer at Eurocamp: “For this launch, we have curated a selection of 32 standout locations from our wider European network, chosen for their quality, location and strong alignment with Jet2holidays’ routes, pairing our premium outdoor accommodation with Jet2holidays’ award-winning service and flight network.

“Together, we are introducing an exciting new way for UK holidaymakers to discover Europe’s most beautiful regions.”

Eurocamp has 400 parks in total across a number of European destinations including France, Italy, Spain and Portugal.

It’s latest expansion included 16 new sites across France.

Most of the parks tend to be self-catering and families can participate in a number of activities such as swimming, sports and games.

In other holiday park news, there’s a UK holiday park that’s a ‘better value Center Parcs’ with Christmassy Blue Lagoon and kid elf uniforms.

Plus, Center Parcs confirms opening date for newest UK holiday resort – its first in nearly 15 years.

On a glorious September morning, a scientist emerged cheerfully from the depths of a corrugated metal tunnel under a remote stretch of Highway 395 north of the town of Bridgeport.

It wasn’t a planned encounter. I happened upon Ben Carter, of the California Department of Fish and Wildlife, as I toured the area with a couple of Caltrans employees.

Carter was switching out the SD cards from cameras installed to document animals that might be using two wildlife crossings recently constructed under the highway near Sonora Junction.

“We’ve got some deer sign coming through here, which is great,” he said, referring to cloven hoof prints pressed into the soft earth. He’d looked through a few photos at the other culvert and saw deer there, too, and perhaps a coyote.

The effort comes at a critical moment. Mule deer in the region have declined in recent years, sparking concern among hunters. Getting hit by cars or trucks is the second biggest cause of deer death, not counting unknown causes.

Some hunters would like the state to control the population of mountain lions in the area to help the deer, which the cougars eat. But state wildlife officials aren’t allowed to do that.

The big, charismatic cats are a “specially protected species” in the Golden State. (Officials are permitted to kill mountain lions in limited circumstances, including to protect endangered bighorn sheep. They recently began doing that again after a long hiatus, which I wrote about in a story this week.)

So wildlife crossings could be a win-win solution. Both hunters and conservationists are especially keen to see one rise along a stretch of the 395 that runs past the Mammoth Yosemite Airport — the top roadkill hot spot in the Eastern Sierra.

There are plans to put one there, but getting it off the ground is estimated to cost more than $65 million, according to Caltrans, which is leading the project.

Brian Tillemans, a hunter and former watershed resource manager for the L.A. Department of Water and Power, who has called on the state to help deer, said the crossing can’t come too soon.

“If there’s ever a spot for a deer crossing, it’s up here,” he added, driving near the proposed site.

Ben Carter, of the California Department of Fish and Wildlife, checks a trail camera at a wildlife undercrossing recently installed near the town of Bridgeport.

(Jason Armond / Los Angeles Times)

At the other crossing, about 70 miles to the north, Carter expressed both hope and concern.

It’s among the top three roadkill hot spots in the region because deer migrate across the highway. But the project area didn’t perfectly align with their route, according to Carter. That’s because the undercrossings were put in opportunistically, as part of a shoulder-widening endeavor spearheaded by Caltrans.

Beth Pratt, of the National Wildlife Federation, who joined a tour of the crossing, was optimistic the animals would use it.

“I feel like word’s gonna get out,” she said. “I know they are really loyal to their migration sites. On the other hand, they can start being loyal to this.”

The trail cameras will determine if she’s right.

More recent animal news

It’s been a sad few weeks for real-life animal mascots in the northern part of the state.

Last week, Claude, a striking albino alligator living in San Francisco’s California Academy of the Sciences — where he served as unofficial mascot — passed away from liver cancer at the age of 30, my fellow Times reporter Hailey Branson-Potts reported. During his 17 years at the science museum, the ghostly white reptile became a cultural icon, appearing in children’s books, city advertisements and a 24/7 livestream. “Claude represented that core San Francisco value of seeing the beauty & value in everyone, including those who are a bit different from the norm. Rest in peace, buddy,” state Sen. Scott Wiener (D-San Francisco) tweeted.

A month earlier, a beloved bald eagle named Hope was fatally electrocuted on power lines near a Milpitas elementary school where she and her mate presided as mascots. The feathered local celebrity’s unceremonious end — covered by my colleague Susanne Rust — is not a one-off. Every year, as many as 11.6 million birds perish on wires that juice our TVs and blow dryers, according to a 2014 analysis. PG&E, which operates the power lines that killed Hope, said it took measures to make lines and poles around the eagle’s nesting area safe for raptors. (As for Hope’s widower, he may already have a new girlfriend.)

It’s not all doom and gloom for animals in the Golden State — and around the world.

The Los Angeles Zoo recently welcomed the birth of a baby gorilla, the fifth and latest addition in a baby boom of adorable great apes that includes three chimpanzees and an orangutan, writes Times staffer Andrea Flores.

Meanwhile, a global treaty has extended trade protections to more than 70 shark and ray species who have seen sharp declines, according to the New York Times’ Alexa Robles-Gil. She writes that the agreement includes a full international commercial trade ban for oceanic whitetip sharks, manta and devil rays, and whale sharks.

A few last things in climate news

Soon, the country’s largest all-electric hospital will open in Orange County, my editor Ingrid Lobet reports. It’s only the second facility of its kind in the U.S., and offers an alternative to the way that buildings contribute to climate change: burning natural gas.

Not far away, the city of Los Angeles is shifting away from the power source most harmful to the environment. Times staffer Hayley Smith writes that the L.A. Department of Water and Power has stopped receiving any coal-fired power. L.A. Mayor Karen Bass called it a “defining moment” for the city.

There are plans by the Trump administration to pump more water to farmlands in the Central Valley from the Sacramento-San Joaquin River Delta, per my colleague Ian James. California officials said the move could threaten fish and reduce the amount of water available for millions of people in other parts of California.

A nonprofit is trying to create a 1.2 million-acre national monument centered on the Amargosa River, which runs through the bone-dry Mojave Desert, according to Kurtis Alexander of the San Francisco Chronicle. Early this year, former president Joe Biden designated two massive national monuments in the Golden State, including one covering a large swath of the desert.

This is the latest edition of Boiling Point, a newsletter about climate change and the environment in the American West. Sign up here to get it in your inbox. And listen to our Boiling Point podcast here.

For more wildlife and outdoors news, follow Lila Seidman at @lilaseidman.bsky.social on Bluesky and @lila_seidman on X.

Paramount is refusing to accept defeat in the Warner Bros. Discovery auction, launching a $78-billion hostile takeover of its rival Monday after being spurned last week in the bidding.

The move comes four days after Warner’s board unanimously selected Netflix as the winner.

Paramount has beefed up its offer with backing from Middle Eastern sovereign wealth funds, including Saudi Arabia, a Chinese firm and President Trump’s son-in-law Jared Kushner’s investment firm Affinity Partners, according to a Monday regulatory filing.

The presence of a member of the president’s family in a proposed corporate takeover, which includes news channel CNN and the historic Warner Bros. properties, immediately complicates an already fraught regulatory picture.

Last week, Netflix had offered $72 billion — or $27.75 a share — for a big chunk of the company: Warner Bros. film and television studios, which hold the rights to Batman, Bugs Bunny and Harry Potter, the expansive lot in Burbank and HBO and HBO Max. Additionally, Netflix would take on more than $10 billion in Warner Bros. debt for a total deal value of $82.7 billion.

Paramount, backed by billionaire Larry Ellison’s family, had entered the final week of the auction with a $25 a share, all-cash offer for all of Warner Bros. Discovery, according to people involved in the auction who were not authorized to comment. In the final hours, Paramount upped its offer to $30 per share — but still came away empty-handed.

Paramount confirmed Monday that it submitted its $30-per-share offer just a few hours before Netflix was announced as the winner.

“We never heard back,” Paramount Chairman and Chief Executive David Ellison told CNBC on Monday morning. “We’re really here to finish what we started.”

Despite the decision by Netflix and Warner Bros. Discovery to pursue a deal, Paramount is directly appealing to shareholders to vote on their offer in what is commonly known as a hostile takeover.

Historically, hostile takeover bids are difficult to pull off, but there have been some notable exceptions, including Elon Musk’s $44-billion acquisition of the company formerly known as Twitter in 2022. Two decades ago, Comcast failed in a hostile takeover bid for Walt Disney Co.

Warner Bros. Discovery said Monday that its board would “carefully review and consider Paramount Skydance’s offer in accordance with the terms of Warner Bros. Discovery’s agreement with Netflix.”

Warner’s board remains supportive of Netflix’s bid, the company said. Shareholders will receive recommendations from the Warner board within 10 business days. The company has long wanted the auction to be wrapped up by Christmas.

“Warner Bros. Discovery stockholders are advised not to take any action at this time with respect to Paramount Skydance’s proposal,” the company said in a statement.

Paramount began its pursuit of Warner in mid-September. It is now bypassing Warner’s board, management and bankers and appealing directly to shareholders in a hostile takeover effort. In a statement, Paramount said its bid was a “superior alternative” to Netflix’s, which will face a rigorous and lengthy antitrust review.

Netflix co-Chief Executive Ted Sarandos said Paramount’s move was “entirely expected.”

“We have a deal done and we are incredibly happy with the deal,” Sarandos said at a UBS conference, adding that he believes Netflix’s takeover of the historic company would be great for shareholders, consumers and Hollywood workers. “We’re superconfident we’re going to get it across the line and finish.”

Already, the biggest weakness in Netflix’s deal was concern that the tech company may not be able to win regulatory approval. The company has more than 300 million streaming subscribers worldwide, and adding HBO Max would more than double the number of subscribers for competing video-on-demand subscription services.

In a statement, Paramount called Netflix’s offer “inferior,” one that would expose Warner shareholders “to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome.” Paramount has long counted on its warm relationship with President Trump to smooth the regulatory process, at least in the U.S.

Warner Bros. Discovery continues to believe that Netflix submitted the best offer.

Netflix is not buying Warner’s basic cable channels, including CNN, TBS, Food Network and TLC, and Warner figures it can spin off those assets into a separate company, Discovery Global, that would be worth about $3 to $4 a share.

When adding the Discovery Global value with Netflix’s price of $27.75 a share, Warner believes that its shareholders will come away with more than $31 a share for the company — more than what Paramount has offered.

Netflix offered a cash and stock deal. On Friday, the company said it would take a year to 18 months to gain the necessary regulatory approvals. Paramount is banking on investors being concerned about a possible regulatory fallout with the Netflix deal.

“Look, we’re sitting on Wall Street, where cash is still king,” Ellison told CNBC. “We are offering shareholders $17.6 billion more cash than the deal that they currently have signed up on Netflix. We believe when [Warner shareholders] see what is currently in our offer, that that’s what they’ll vote for.”

Since mid-September, Paramount has submitted six bids for all of Warner Bros. Discovery.

Trump said Sunday that Netflix’s deal to buy Warner Bros. Discovery “could be a problem” because of the size of the streaming service’s combined market share. Trump said he “would be involved” in his administration’s decision whether to approve any deal.

Paramount said its $30 per share, all-cash offer represents a 139% premium to Warner’s $12.54 stock price on Sept. 10, the day before Paramount’s pursuit was leaked in the media. With the absorption of Warner’s cable channels and its heavy debt load, the Paramount deal would have an enterprise value of $108.4 billion.

That’s roughly what AT&T paid to buy the company, then called Time Warner Inc., in 2018 after spending nearly two years fighting in court with the first Trump administration.

A federal judge finally cleared the way for AT&T’s takeover, but after three years the phone company wanted to flee Hollywood and made a deal with Discovery’s David Zaslav, allowing his smaller company to take over in 2022.

“The Trump card is the best card Paramount-Skydance has but it could backfire in multiple directions,” New Street Research media analyst Blair Levin said Monday in a note to investors. “As they say in Hollywood, ‘stay tuned.’”

Warner and Netflix could claim that Trump’s Justice Department, if it seeks to intervene, was trying to squash their deal simply because of politics. The inclusion of Kushner in the deal also could open the door to conflict-of-interest arguments.

“Courts, and the public, in the past, have regarded Presidential involvement in antitrust challenges as problematic,” Levin wrote in his note.

Paramount’s 11th-hour offer for Warner contained “opaque” details about its financing, a person involved in the auction who was not authorized to speak publicly told The Times over the weekend. The fuzzy nature of Paramount’s backers gave the Warner board pause in contrast to the Netflix offer, which spelled out its financing, the person said.

In a Securities & Exchange Commission filing Monday, Paramount disclosed that Larry Ellison’s family has provided an $11.8-billion commitment. An additional $24 billion would come from three sovereign wealth funds from Saudi Arabia, Qatar and Abu Dhabi.

The controversial Chinese tech firm Tencent would provide an additional $1 billion, Paramount said. It said RedBird Capital Partners, an investor in Paramount, and Kushner’s Affinity Partners would also provide an undisclosed level of debt financing.

When asked about his son-in-law’s involvement in the Paramount bid, Trump told reporters at the White House: “I don’t know. I’ve never spoken with him about that. He’s really trying to work on Gaza.”

Should Paramount prevail, it would confront a heavy debt load that would bring more layoffs in an industry already reeling from downsizing. “As with Netflix, Paramount’s expected hostile bid for WBD raises significant concerns for our members and the industry,” a spokesperson for the Directors Guild of America said in a statement.

Just like with the AT&T deal for Time Warner, the Trump administration may not have the final say. If the U.S. Justice Department sues to block the Netflix deal, the matter will go before a federal judge.

However, Paramount hired Trump’s former antitrust regulator — Makan Delrahim — in the hope of steering a successful regulatory review. Delrahim joined Paramount in October as its chief legal officer.

“We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry,” David Ellison said in a statement. “We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction.”

Paramount’s tender offer is set to expire Jan. 8, 2026, unless it’s extended.

Shares of Warner Bros. jumped 4.4% on Monday to $27.23. Paramount gained 9% to $14.57 a share while Netflix lost 3.4% to $96.79.

Times staff writers Wendy Lee and Stephen Battaglio contributed to this report.