LOS ANGELES - Paramount Skydance said Monday that the company has amended its hostile bid to take over Warner Bros. Discovery (WBD), adding a personal guarantee of funds from billionaire Larry Ellison, one of the world's wealthiest individuals.

Paramount Skydance, a multinational media and entertainment conglomerate, said in a statement that the newly amended bid aims to "address WBD's stated concerns regarding Paramount's superior offer."

The company said it continues to offer to purchase, for $30 per share in cash, 100 percent of the outstanding shares of WBD, a leading global media and entertainment company, and therefore will assume all assets and liabilities of WBD.

Larry Ellison, Paramount CEO David Ellison's father and co-founder of Oracle, has agreed to provide an irrevocable personal guarantee of $40.4 billion of the equity financing for the offer and any damages claims against Paramount.

According to Paramount, Ellison has also agreed not to revoke the Ellison family trust or adversely transfer its assets during the pendency of the transaction.

The board of WBD on Wednesday recommended that shareholders reject Paramount's tender offer and reiterated its support for the Netflix combination.

In an effort to address WBD's amorphous need for "flexibility" in interim operations, Paramount's revised proposed merger agreement offers further improved flexibility to WBD on debt refinancing transactions, representations and interim operating covenants.

In the statement, Paramount urged WBD shareholders "to register their preference for Paramount's superior offer with the WBD Board by tendering their shares."

Netflix, the world's largest streaming company by subscriber count, sent shockwaves through Hollywood on Dec 5 by announcing an $82.7-billion agreement to acquire WBD, including the company's film and television studios. The cash and stock transaction is valued at $27.75 per share.

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The acquisition also includes Home Box Office, the premium US television network and streaming service, along with HBO Max and its prestige series such as "Game of Thrones," "The Sopranos," and "The White Lotus."

However, the hostile bid from Paramount has placed the merger at the center of a widening national debate. Paramount announced on Dec 8 that it would offer $30 per share for WBD, dismissing Netflix's proposal as offering "inferior and uncertain value."

US media and industry insiders widely believe that regardless of the winner of the high-stakes acquisition battle, the WBD merger will reshape the Hollywood landscape.