Edgar Bronfman Jr. has made a $4.3 billion bid to acquire National Amusements, the controlling entity of Paramount Global, in a move that could challenge a previous agreement with Skydance Media. His offer includes $2.4 billion in debt and equity for National Amusements, along with $1.5 billion aimed at reducing Paramount's debt, and a $400 million breakup fee if Paramount chooses to accept a rival deal. The bid is part of a competitive landscape that has seen various unexpected turns in the sale process for Paramount, which oversees major entertainment properties like CBS and Paramount Pictures. The board of Paramount Global is set to review Bronfman's proposal on Wednesday before the 45-day “go-shop period” expires on August 21. Should Paramount opt for a different offer, the company will owe Skydance a substantial breakup fee. Bronfman's diverse entertainment background adds complexity to this ongoing bidding war, which has significant implications for the future of Paramount.