Oracle co-founder Larry Ellison has agreed to personally backstop the $40bn equity financing of Paramount’s $108bn hostile bid for Warner Bros Discovery, in an attempt to resolve doubts about the financing of the offer.

Paramount said on Monday that Ellison, one of the world’s richest men, had agreed to provide “an irrevocable personal guarantee” for the $40.4bn equity financing of Paramount’s attempt to gatecrash Netflix’s deal for WBD, which is being led by the billionaire’s son David.

Paramount did not however bump its offer price, keeping it at $30 a share in cash. A person close to Paramount said the move was aimed at forcing WBD back to the negotiating table. If WBD showed goodwill, Paramount would be open to upping its offer price, the person added.