02:53 PM EDT, 08/20/2024 (MT Newswires) -- Paramount Global ( PARAA ) may receive a sweetened offer from Edgar Bronfman Jr. after the veteran media executive raised more funds for the deal, the Financial Times reported Tuesday.

Bronfman earlier made a $4.3 billion takeover bid for the company, but now has secured commitments for up to $5.5 billion from investors and plans to improve the terms previously made to acquire Paramount, the report said.

The competing offer threatens to end an acquisition agreement reached last month with David Ellison's Skydance Media.

The agreement contains a 45-day "go-shop period" that ends on Aug. 21, but can be extended. If Paramount chooses to go with another buyer, it will have to pay Skydance a break-up fee of $400 million, which is being covered under Bronfman's bid to end the rival deal.

A special committee of Paramount's board was reportedly due to meet Wednesday to evaluate Bronfman's original offer.

Paramount did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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