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The acquisition battle continues to intensify. According to industry sources, Paramount adjusted its acquisition terms last week, but Warner remains inclined to accept Netflix's proposal and declined Paramount's offer. The key issue lies in financing—despite Paramount offering a higher price, the stability of financing has become a major concern. Although Ellison is willing to provide personal guarantees, Warner is clearly assessing whether the funding chain is solid enough. In comparison, Netflix's proposal, although slightly lower in price, presents a more controllable overall risk exposure, which is why Warner finds this deal more reassuring.
The current suspense is quite high: will Paramount continue to match the price? Or will they find a way to strengthen their financing backing? Or simply give up? From Ellison's perspective, this acquisition game is far from over. Business mergers and acquisitions are never just about numbers—the capital layout and strategic contest behind them are often more gripping than the storyline itself.