Edgar Bronfman Jr. has formally submitted a $4.3 billion bid to take control of Paramount Global and quash an existing offer from Skydance Media, according to a person familiar with the proposal.

The media executive and Seagram Co. spirits heir is offering to buy National Amusements Inc., the Redstone family holding company that owns the majority of Paramount’s voting stock, for about $1.75 billion, according to the person, who asked to not be identified because they weren’t authorized to speak publicly. Bronfman will invest additional money in Paramount, including $1.5 billion to reduce debt.

Also read: Ad experts on a potential Paramount-Skydance merger

The Wall Street Journal reported earlier on the offer.

The parent of CBS, MTV and other media businesses had already accepted an offer from Skydance, led by David Ellison, the son of Oracle Corp. co-founder Larry Ellison. Their merger agreement includes a 45-day period during which Paramount can review other offers, a period that expires Wednesday night.

The Ellison-led group offered $2.4 billion for National Amusements and agreed to invest $6 billion more in buying Paramount shares and paying down debt. It also plans to merge Skydance into Paramount for shares worth $4.75 billion.

Bronfman is expected to argue that his proposal is superior because it will result in less dilution for Paramount’s non-Redstone shareholders. 

Paramount, assembled over decades by the late mogul Sumner Redstone, has struggled lately as consumers shift their viewing habits from traditional TV to streaming. 

Bronfman has a long, somewhat rocky, history as a media executive. He acquired and then sold Universal Studios-parent MCA Inc., and served as chief executive officer of Warner Music Group. He presently serves as chairman of FuboTV Inc., a streaming TV company that won an injunction last week to stop the launch of sports streaming service Venu.

—Bloomberg News