As part of the bid, Bronfman would acquire a minority stake in Paramount. However, after placing the bid, Bronfman raised more funds to support a higher bid, said the person, who asked to remain anonymous to speak about specifics of the offer. On Wednesday, Bronfman upped the bid and submitted a revised offer of $6 billion, the person said. The agreement included a 45-day "go shop" period during which Paramount could solicit other offers. Money manager Mario Gabelli reportedly filed a lawsuit looking for Paramount to turn over its books related to the Skydance deal — a possible first step toward a lawsuit challenging the deal.

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Persons: Edgar Bronfman Jr, Bronfman, Shari Redstone's, Edgar Bronfman , Jr, Skydance, Mario Gabelli, Scott Baker Organizations: Paramount Global, Skydance, Paramount, Skydance Media, Bronfman Consortium, RedBird Capital Partners, KKR, National, Amusements, nonvoting Paramount, Warner Music, Seagram, Wall Street Locations: Paramount's