Don't think Paramount's amended WBD bid will get it over the goal line, says Seaport's David Joyce

Core Insights - Oracle's co-founder Larry Ellison is personally guaranteeing over $40 billion for his son's company in an effort to acquire Warner Brothers Discovery [1] - The Warner Brothers Discovery Board is reviewing a new amended offer, which addresses most of their concerns but is not yet a game changer [2] - The valuation of the Discovery Global equity piece related to Netflix is a critical factor that still needs resolution, along with debt considerations [3] Financial Analysis - Warner Brothers' current valuation is at $28.76, which is already a dollar more than the Netflix deal for Warner Brothers studio streamers [5] - The global network is estimated to be worth between $3.5 billion and $4.5 billion, indicating that Paramount needs to offer at least $32 billion for a more equitable deal [6] - The valuation of Discovery is influenced by its debt and cash flows from the linear streaming model, with a suggested multiple of four to four and a half times [8][9]