04:36 AM EDT, 08/22/2024 (MT Newswires) -- Paramount Global ( PARAA ) said late Wednesday it has received an acquisition offer from Edgar Bronfman Jr. on behalf of a consortium of investors, with the consortium qualifying as an "excluded party" under the terms of a previous agreement with Skydance.

Bronfman has raised his offer for National Amusements and a minority stake in Paramount to $6 billion from the initial $4.3 billion bid, The Wall Street Journal reported late Wednesday, citing people familiar with the matter.

Paramount did not disclose Bronfman's bid value, but said the "go shop" period for the Bronfman consortium has been extended until Sept. 5.

"There can be no assurance this process will result in a superior proposal," the company said.

According to the Journal, Bronfman's new proposal includes $1.7 billion for a tender offer that would provide certain Paramount shareholders an option to cash out at a premium of $16 per share.

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