Warner Bros. Discovery has urged shareholders to reject Paramount’s latest takeover offer, stating that the proposal carries significantly higher financial risk despite a personal $40 billion equity guarantee from Larry Ellison.

The company said its $83 billion deal with Netflix, agreed to last month, remains the stronger and safer option. Paramount has been pursuing a hostile bid, but Warner Bros. warned that its heavy debt financing and deal restrictions could harm the business if the takeover fails.

Regulators still need to approve the Netflix deal, and President Trump has signaled he may weigh in.