Paramount modifies its exploratory acquisition offer to Warner Brothers: Oracle co-founder Larry Ellison agrees to provide a $40.4 billion guarantee.

Paramount Sky Dance announced on December 22 that it has adjusted its all-cash takeover offer for Warner Bros. exploration to $30 per share in order to address concerns raised by the latter regarding the offer. The modifications include: Oracle founder and chairman Larry Ellison has agreed to provide a $40.4 billion irrevocable personal guarantee for the equity financing of the offer and any damages compensation for Paramount; the revised proposed merger agreement provides "further flexibility" for Warner Bros. in debt refinancing transactions; the regulatory reverse termination fee has been increased from $5 billion to $5.8 billion. Paramount stated that they will continue to seek to acquire all issued shares of Warner Bros. exploration for $30 per share in cash, and will assume all assets and liabilities of the latter.