Veteran media executive Edgar Bronfman Jr. on Monday submitted a roughly $4.3 billion bid to take over Paramount Global through the acquisition of National Amusements, the family holding company that owns a controlling stake in the media company, a person familiar with the matter told Reuters.

The competing offer for the home of Paramount Pictures, the CBS broadcast network and MTV is a fresh twist in a sale process marked by a number of unexpected turns.

It threatens to undo a planned acquisition by tech scion David Ellison and his firm, Skydance Media.

Bronfman’s offer includes $2.4 billion in debt and equity for National Amusements, the source said.

Bronfman also would contribute $1.5 billion to Paramount’s balance sheet, which could be used to pay down debt, the person said. The bid adds $400 million to cover a breakup fee to end a rival deal.

Skydance and its deal partners reached an agreement last month to acquire Paramount in a complicated transaction, in which it would buy out the Redstone family’s controlling stake in Paramount and subsequently merge into the larger publicly traded company.

That agreement contained a 45-day “go-shop period” that allowed Paramount to solicit and evaluate other offers. That period ends on Aug. 21, but can be extended.

If Paramount chooses another suitor, it must pay Skydance a $400 million break-up fee.

Bronfman has argued his offer is superior, because it would not entail Paramount acquiring Skydance, another source familiar with his rationale told Reuters.

Paramount previously agreed to purchase Skydance in an all-stock transaction that values Ellison’s independent media company at $4.75 billion, the companies have said.

A special committee of Paramount’s board is expected to meet Wednesday to determine whether Bronfman’s offer has a reasonable probability of succeeding, the second person said.

Morning Report delivers the latest news, videos, photos and more.

Please provide a valid email address.

By clicking above you agree to the Terms of Use and Privacy Policy.

Never miss a story.

The board committee could extend the go-shop deadline to Sept. 5, to give it time to evaluate the competing offer.

The Wall Street Journal earlier reported Bronfman’s bid.

A spokesperson for Paramount’s board declined to comment. Bronfman did not respond to Reuters’ requests for comment.

Bronfman is no stranger to the media world.

In 1995, he sought to diversify the family’s Seagram liquor business with the acquisition of MCA, home of the Universal Music Group Universal Studios and two theme parks.

The company was acquired in 2000 by Vivendi, whose CEO Jean-Marie Messier was ousted two years later, after embarking on a spending spree that sapped the financial resources of the company.

Bronfman returned to the entertainment business in 2003, with his acquisition of Warner Music Group. The music company was sold in 2011 to Access Industries, a firm controlled by billionaire Len Blavatnik.

Bronfman later led an unsuccessful attempt to acquire Time Inc. in 2017, when the company published Time, Sports Illustrated and People magazines.

Two people familiar with the matter said Bronfman had explored buying National Amusements prior to Paramount reaching a deal with Skydance, but did not submit an offer.

It was not immediately clear whether Bronfman had partners in the bid. UBS and Perella Weinberg Partners advised him on the deal, people familiar with the matter told Reuters.