Oracle founder Larry Ellison is now guaranteeing $40.4 billion of the equity financing for the bid.
Warner earlier recommended that shareholders reject Paramount's $30-per-share bid for all of the company.
Paramount Skydance guaranteed the backing of billionaire Larry Ellison in its hostile bid for Warner Bros. Discovery.
This fight is about much more than money.
Harris Associates, the fifth largest shareholder in Warner Bros Discovery , said on Thursday it would be "very open" to a revised offer from Paramount Skydance if the company presents a superior bid and addresses issues with deal terms.
In rejecting Paramount 's hostile takeover bid, Warner Bros. questions the Ellison family trust and its commitment to a $77.9 billion deal.
Shares of Paramount Skydance fell more than 4% after trading opened Wednesday, while Warner Bros. Discovery's stock dropped 1%.
Warner Bros.
Warner Bros. Discovery's (WBD) board of directors has rejected the $108 billion hostile takeover bid from David Ellison's Paramount Skydance, calling the offer “illusory,” and saying that Paramount had misled shareholders about its financing.
Warner Bros. Discovery board rejects Paramount's $30 per share takeover bid, calling it inadequate compared to Netflix's $72 billion merger deal.
Samuel Di Piazza, Warner Bros. Discovery chairman, joins 'Squawk Box' to discuss the financing for the Warner Bros.
CNBC's David Faber reports on news regarding the bids for Warner Bros. Discovery.