Warner Bros. Discovery is expected to reject Paramount Skydance’s amended $108.4 billion hostile bid, CNBC reported on Tuesday, despite billionaire Larry Ellison backing the media giant’s offer with a personal guarantee.

Warner Bros and Paramount Skydance declined to comment on the report.

The decision could keep Warner Bros. on track to pursue a rival cash-and-stock deal with Netflix, underscoring broad concerns over valuation, strategic fit and deal certainty despite Paramount’s attempt to sweeten its offer.

Paramount had said that Ellison was open to personally guarantee equity financing backing the bid, a move aimed at easing doubts that had dogged its earlier proposal. 

The company also raised its regulatory reverse termination fee and extended its tender offer deadline, while the $30-per-share all-cash value remained unchanged.

Netflix’s $82.7 billion offer, while lower in headline value, offers a clearer financing structure and fewer execution risks, analysts have said.

Under the terms of that agreement, Warner Bros. would face a $2.8 billion breakup fee if it walks away from the Netflix deal.

Paramount has argued its bid would face fewer regulatory obstacles. A combined Paramount-Warner Bros. entity would create a studio larger than industry leader Disney and merge two major television operators.

Warner Bros.’ board previously urged shareholders to reject Paramount’s $108.4 billion bid for the entire company, including its cable television assets, citing concerns over financing certainty and the absence of a full guarantee from the Ellison family.

Paramount has argued its offer is more market-proof than Netflix’s $82.7 billion proposal, whose value has fluctuated with Netflix’s share price.

Lawmakers from both parties have raised concerns about further consolidation in the media industry, and President Donald Trump has said he plans to weigh in on the landmark acquisition.