Paramount's Warner Bros Bid Fails to Sway Key Shareholder Harris Oakmark

• Harris Oakmark, Warner Bros Discovery's fifth-largest shareholder, deems Paramount Skydance's revised $108.4 billion acquisition bid "necessary, but not sufficient."
• Paramount's amended offer included a $40 billion personal guarantee from Oracle co-founder Larry Ellison and increased regulatory break fee to $5.8 billion.
• Warner Bros' board previously recommended rejecting Paramount's earlier bid, favoring Netflix's lower but more secure cash-and-stock offer.
• Shareholders have until January 21 to decide on tendering shares, with Harris Oakmark seeking stronger terms to switch from the rival proposal.
• The bidding war highlights the value of Warner Bros' assets like Harry Potter and Lord of the Rings, with major investors like Vanguard, State Street, and BlackRock watching closely.

Why It Matters: Harris Oakmark demands stronger terms for Paramount's Warner Bros bid, preferring Netflix's secure offer.