New Delhi, Dec. 22 -- Oracle's Chief Technology Officer (CTO) and billionaire Larry Ellison has personally pledged $40.4 billion to back his son's Paramount takeover bid for Warner Bros. Discovery, aiming to keep the company's prized Hollywood assets out of the hands of streaming giant Netflix.

According to a filing on Monday, the guarantee is intended to address the Warner Bros. board's concerns about Paramount's financing and the absence of complete backing from the Ellison family, which had previously made Netflix's cash-and-stock offer more attractive.

Following the announcement, Warner Bros. shares rose nearly 4%, while Paramount's climbed about 3%.

Larry Ellison became only the second individual in history to surpass a net worth ...