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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesAs of October 4, 2026, Paramount and Warner Bros. Discovery (WBD) had announced a merger agreement and expected to close on October 6, subject to customary closing conditions. The deal had not yet closed. The often-cited $40.4 billion Larry Ellison guarantee belonged to Paramount’s December 2025 offer, not the later proposal or the current closing status.
What does Paramount’s deal status mean now?
“Paramount renews bid” is no longer an accurate description of the latest stage. Paramount and WBD announced a merger agreement on February 27, 2026. By September 30, they said they expected the merger to close October 6, subject to customary closing conditions. That anticipated date was still two days away on October 4.
The deal concerns Warner Bros. Discovery, not just Warner Bros. as a film studio. The merger would combine the companies’ businesses and brands; the companies announced that the combined company would be named Skydance.
How the offers and Ellison backing changed
The $40.4 billion and $45.7 billion figures describe different forms of backing at different stages. Neither should be treated as the final transaction value or as proof that the merger had closed.
| Date and stage | Offer terms | Ellison backing described | What the milestone meant |
|---|---|---|---|
| December 22, 2025: Paramount offer | $30 per share in cash | Paramount described a $40.4 billion personal guarantee from Larry Ellison for equity financing and possible damages claims. | This was an earlier offer. WBD had criticized its financing backstop. |
| February 2026: later proposal | $31 per share, all cash | Paramount described a $45.7 billion equity commitment from the Ellison Trust, guaranteed by Larry Ellison, with additional funding obligations tied to a solvency certificate. | WBD’s board determined the proposal to be a “Company Superior Proposal” under its merger agreement with Netflix. |
The distinction matters: a guarantee and an equity commitment are not interchangeable labels, and the later proposal’s $45.7 billion commitment should not be described as the December guarantee. These figures concern financing support, not the reported overall value of the merger.
Which legal and financing steps were complete by October 4?
Regulatory clearances
On September 14, Paramount said it had satisfied the regulatory clearances required under the merger agreement. Its release stated: “Paramount has satisfied all regulatory clearances required under the merger agreement to close its proposed acquisition of Warner Bros. Discovery.” This was Paramount’s statement about regulatory clearance, not an announcement that the transaction had closed.
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Settlement with state attorneys general
On September 30, a federal judge approved Paramount’s settlement with 12 state attorneys general who had sued to block the deal. The Associated Press described the merger as an $81 billion deal in its report on the court approval. The ruling removed a legal obstacle, but it did not itself complete the merger.
Reported bond financing activity
Axios reported on September 30 that Paramount Skydance was holding investor calls to support around $44 billion in bond sales to finance the acquisition. That report described efforts to support a planned financing, not confirmation that the bonds had all been issued or that the transaction had closed.
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What was still pending, and what name was planned?
The closing remained a future event on October 4: the companies expected it on October 6, subject to customary conditions. A target date is not a completed transaction, and regulatory clearance or court approval should not be read as confirmation of closing.
On October 2, David Ellison announced that the combined Paramount-WBD company would be named Skydance. That was the announced name for the combined company, while the merger itself was still awaiting its expected closing date.
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