Media investor Edgar Bronfman Jr. has submitted a last-minute bid to stop the planned merger of Skydance Media and Paramount Global, offering $4.3 billion for Shari Redstone’s stake in National Amusements Inc., TheWrap has learned.

The bid was submitted to the special committee on Monday night. The offer includes $2.4 billion to acquire NAI, $1.5 billion to pay down Paramount global debt and the remaining money to pay a $400 million Skydance deal-breakup fee. For investors, the proposed deal “significantly lessens the dilution” that would be required under the $8 billion Skydance deal, according to an individual close to the matter.

The bid by Bronfman, the former CEO of Warner Music Group who helped weather the post-piracy challenges of the music industry, will be backed by “Baby Geniuses” producer Steven Paul, who previously assembled an investor group to explore his own potential bid, the individual said.

The bid will include Paul’s money and that of other investors, the person said.

National Amusements, Bronfman and Fortress all declined to comment.

The move comes two days ahead of the expiration of the 45-day go-shop provision in Skydance Media’s merger deal struck last month, in which Paramount would pay a breakup fee in the event that it receives a better offer from another bidder that Skydance doesn’t match.

Under the terms of the Skydance deal, which had been expected to close in the third quarter of 2025 subject to regulatory approval, NAI would receive $2.4 billion, including $1.75 billion for the equity and the assumption of $650 million in debt, while non-NAI shareholders will receive $4.5 billion.

At the same time, similar to Bronfman’s offer, Skydance’s investor group — which includes Skydance CEO David Ellison’s father, billionaire Oracle founder Larry Ellison — would contribute $1.5 billion in new capital to help pay down Paramount’s $14.6 billion of long-term debt and recapitalize its balance sheet.

If accepted by Paramount’s special committee, which has been evaluating bids for the beleaguered entertainment company, Bronfman will have until Sept. 5 to negotiate a merger agreement, under an extended window set out by Paramount.

Critical to whether the bid has any chance of succeeding is Redstone, Paramount’s non-executive chairwoman, who owns NAI, which controls 77% of Paramount voting stock.

“She has been very encouraging about this bid” from Bronfman, the individual close to the matter said. “Any bid that has the financial backing but doesn’t have the Skydance albatross would be deemed superior.”