Edgar Bronfman submits roughly $4.3 billion rival bid for Paramount Global By Reuters

By Dawn Chmielewski

(Reuters) -Veteran media executive Edgar Bronfman Jr. on Monday submitted a roughly $4.3 billion bid in which it would acquire National Amusements, the company that holds a controlling interest in entertainment giant Paramount Global , 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. 

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

The Wall Street Journal earlier reported Bronfman’s bid.