Aug 19 (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 ( PARAA ), a person familiar with the matter told Reuters.

This offer includes $2.4 billion in debt and equity for

National Amusements, the source said. Bronfman also would

contribute $1.5 billion to Paramount's balance sheet, which

could be used to pay down debt, the person said. The bid adds

$400 million to cover a breakup fee to end a rival deal.

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.

Bronfman has argued his offer is superior, because it would

not involve a second step of the transaction in which Paramount

would acquire Skydance, another source familiar with his

rationale told Reuters. Paramount previously agreed to purchase

Skydance in an all-stock transaction that values the independent

media company at $4.75 billion, the companies have said.

A special committee of Paramount's board is expected to

meet Wednesday to determine whether Bronfman's offer has a

reasonable probability of succeeding, the second person said.

Paramount's board committee could extend the go-shop

deadline to Sept. 5, to give it time to evaluate the competing

offer.

Bronfman did not respond to Reuters' requests for comment.

A spokesman for Paramount's board declined to comment.