Warner Bros Discovery is expected to turn down a revised takeover proposal from Paramount Skydance, despite a personal financial guarantee from billionaire Larry Ellison backing the offer, according to a source familiar with the matter.

The company’s board has not yet made a final decision but is expected to meet next week to discuss the bid, the source said, speaking on condition of anonymity due to the confidential nature of the discussions.

Paramount Skydance recently amended its hostile proposal, valuing Warner Bros at roughly $108.4 billion. While the bidder did not raise its $30-per-share all-cash offer, it strengthened other terms by increasing the regulatory reverse termination fee and extending the tender offer deadline. Ellison’s personal guarantee was intended to address concerns about financing certainty that had surrounded earlier versions of the proposal.

Despite those changes, Warner Bros appears poised to continue pursuing an alternative transaction with Netflix, a cash-and-stock deal valued at approximately $82.7 billion. Analysts have said that while Netflix’s bid carries a lower headline valuation, it offers a clearer financing structure and fewer execution risks.

Under the Netflix agreement, Warner Bros would be required to pay a breakup fee of $2.8 billion if it abandons the deal. One of the studio’s largest shareholders, Harris Oakmark, which holds about 96 million shares, said Paramount’s revised offer does not adequately compensate for that potential cost.

Paramount has argued that its proposal would face fewer regulatory hurdles and would create a media company larger than Disney by combining two major film studios and television operators. Warner Bros’ board previously urged shareholders to reject Paramount’s bid, citing concerns over financing assurances and the lack of a comprehensive guarantee from the Ellison family at the time.

The competing bids come amid heightened scrutiny of consolidation in the media industry, with lawmakers from both parties expressing concern about further mergers among major entertainment companies. President Donald Trump has also indicated that he plans to weigh in on the transaction.

Warner Bros and Paramount declined to comment.