Brown-Forman is reported to be bidding $4.3bn for a stake in Paramount Global (PARA.US)

Edgar Bronfman Jr., the media executive and heir to Seagram Co., has formally submitted a $4.3 billion bid to control Paramount Global (PARA.US) and scuttle Skydance Media's existing offer.

The media executive and heir has proposed to buy National Amusements Inc., which owns most of Paramount's voting shares, for about $1.75 billion, and would invest in Paramount, including $1.5 billion to reduce debt.

Paramount has already accepted an offer from Skydance, led by David Ellison, son of Oracle Corp. co-founder Larry Ellison. Their merger agreement includes a 45-day period in which Paramount can review other offers, which is due to expire on Wednesday night.

The group led by Mr. Ellison has offered $2.4 billion for National Amusements and agreed to invest $6 billion to buy Paramount shares and pay off debt. It also plans to buy Skydance for $4.75 billion in Paramount stock.

Mr. Bronfman is expected to argue that his proposal is better because it would reduce the dilution of Paramount's non-Redstone shareholders.

Paramount was founded by media mogul Sumner Redstone, who died in 2015, and has struggled recently as consumers shift their movie-watching habits from traditional television to streaming.

Mr. Bronfman has a long and checkered history as a media executive. He bought and then sold the parent of Universal Studios, MCA Inc., and was chief executive of Warner Music Group. He is now chairman of FuboTV, a streaming television company that last week won a preliminary injunction barring Disney, Fox and Warner Bros. Discovery to launch a sports streaming service from the three media giants, Venu.