Paramount Skydance has reaffirmed its $30-per-share all-cash offer for Warner Bros. Discovery after the board again rejected the company's acquisition attempt in favor of the Netflix transaction.

Paramount Skydance Corporation has updated its all-cash offer for Warner Bros. Discovery to include an irrevocable personal guarantee from Larry Ellison.

Paramount has made the case for its proposed acquisition of Warner Bros. Discovery in a letter to the company's shareholders, arguing it delivers "superior value and a faster, more certain path to completion than the Netflix transaction."

Paramount has made a hostile takeover bid for Warner Bros. Discovery with an all-cash tender offer for $30 per share, representing an enterprise value of $108.4 billion.