• by Adam Buckman , Featured Columnist, February 12, 2026

Can a couple of billion dollars fit in a pants pocket?

I have never seen a pile of cash worth a billion dollars, but I suspect walking around with it is impossible.

And yet, the billionaire team of Oracle founder Larry Ellison and his son, David Ellison, throw billion-dollar amounts around like it’s walking-around money.

The latest examples come via Paramount’s new, sweetened, but still hostile offer this week for Warner Bros. Discovery.

Paramount’s new offer, announced on Tuesday, responds to at least two obstacles the company has encountered in its odyssey in pursuit of purchasing WBD.

One was WBD’s agreement with the suitor it prefers -- Netflix -- that Netflix would be paid a termination fee of $2.8 billion if its deal to buy Warner Bros.’ film and TV studios, HBO and HBO Max is terminated. WBD and Netflix have already agreed on the deal.

But in its new offer, Paramount said, “Don’t worry about that. We’ll pick up the tab.” And just like that, another $2.8 billion was pulled out of a pocket somewhere. 

For the Ellisons, it’s “a mere bag of shells,” said Ralph Kramden on the subject of money so long ago. 

Larry Ellison, 81, is worth an estimated $226 billion to $245 billion. He is considered to be among the top three richest individuals in the world.

But wait, there’s more. The Ellisons reached into another pocket to find an additional $1.5 billion to cover WBD’s financing costs in the event that WBD says yes to Paramount.

“Paramount will eliminate WBD’s potential $1.5 billion financing cost associated with its debt exchange offer by fully backstopping an exchange offer that relieves WBD of its contractual bondholder obligations,” said a detailed press release from Paramount.

These new billions are on top of the billions Larry Ellison offered previously as an “irrevocable personal guarantee of $43.3 billion, covering the equity financing for Paramount’s amended offer as well [as] any damages claims against Paramount [italics theirs],” Paramount said.

Paramount’s new offer is aimed at drawing the support of WBD shareholders for its offer over Netflix’s, in advance of a WBD special shareholders meeting tentatively scheduled for March 27.

And if the shareholders act right now, Paramount promises to award them with 25 cents per share for every quarter in 2027 if a deal with WBD (if WBD accepts a deal) does not close by the end of 2026.

Paramount says this payout will amount to $650 million per quarter to shareholders. How sweet it is, said Jackie Gleason so long ago.

In response to Paramount’s latest offer, WBD is playing it cool. The company confirmed on Tuesday that it received the “unsolicited” offer.

Then the company implied that it is doubtful that this offer or any offer from Paramount can persuade WBD to back out of its agreed-upon sales agreement with Netflix.

Acknowledging its fiduciary duties to give Paramount’s new offer the once-over, WBD dug in its heels.

“The Board is not modifying its recommendation with respect to the Netflix Merger Agreement,” WBD said.