Dec 30 (Reuters) -

Warner Bros Discovery ( WBD ) will likely reject Paramount

Skydance's ( PSKY ) amended $108.4 billion hostile bid for the

storied Hollywood studio despite a personal guarantee from

billionaire Larry Ellison backing ‌the media giant's offer,

according to a person familiar with the matter.

The board has yet to make a ​final decision, but is expected

to meet next week, said the person, who ‍requested anonymity to

discuss internal deliberations.

Warner Bros and Paramount declined ⁠to comment on ⁠the

board's position, reported earlier by CNBC.

The decision could keep Warner Bros on track to pursue a ‌rival

cash-and-stock deal with Netflix ( NFLX ) despite Paramount's

attempt to ​sweeten its offer.

Ellison, whose son David is chairman and CEO of Paramount,

personally guaranteed the equity underpinning the bid, hoping to

ease doubts ⁠that had dogged its earlier proposal.

The ‍company did ​not increase its $30-per-share all-cash

offer, but it raised its regulatory reverse termination fee to

match Netflix ( NFLX ) and extended its tender offer deadline.

Netflix's ( NFLX ) $82.7 billion offer, ‍while lower in headline

value, offers a clearer financing structure and fewer execution

risks, analysts have said.

Under terms of that agreement, Warner Bros would face a $2.8

billion breakup fee if it walks away from the Netflix ( NFLX ) deal.

Harris Oakmark, Warner Bros' fifth largest investor with 96

million shares, said the revised offer

wasn't "sufficient,"

and noted that ​it was ‍not enough to cover the breakup fee.

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 ( DIS ) 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 ( NFLX ) $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. U.S. President

Donald Trump has said he plans to weigh in on the landmark

acquisition.

(Reporting by Akash Sriram ‍in Bengaluru; Editing by Dawn

Kopecki, Krishna Chandra Eluri, Anil D'Silva and David Gregorio)