(Reuters) – U.S. media entrepreneur Edgar Bronfman Jr. on Monday made a roughly $4.3 billion offer to take over Paramount Global through the acquisition of National Amusements, the family holding company that owns a majority stake in the entertainment giant, a person familiar with the matter told Reuters.

The rival bid for the owner of Paramount Pictures, the CBS broadcast network and MTV is a new twist in an already unpredictable sale process that threatens to undo the proposed acquisition of David Ellison and his Skydance Media company.

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

Edgar Bronfman would also add $1.5 billion to Paramount’s balance sheet, which could be used to repay the group’s debt, the source added.

Paramount Global’s board of directors approved a merger offer from Skydance Media last month after months of negotiations in a complex deal that included a 45-day solicitation period.

Edgar Bronfman’s offer includes $400 million to cover the termination fee required if Paramount chooses another offer.

Edgar Bronfman argues that his proposal is preferable from Paramount’s point of view because it would not involve acquiring Skydance, another source said.

A special committee of Paramount’s board is scheduled to meet Wednesday to determine whether the offer has a reasonable likelihood of success, the second source said.

The solicitation deadline could be extended to September 5 by the board committee.

The Wall Street Journal previously reported on Edgar Bronfman’s offer.

A spokesman for Paramount’s board declined to comment. Edgar Bronfman did not respond to Reuters’ request for comment.

(Reporting by Dawn Chmielewski in Los Angeles; with contributions by Milana Vinn; edited by Augustin Turpin)

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