Edgar Bronfman initially submitted a $4.3 billion bid Monday night before the deadline|JD Lasica|CC BY 2.0

Veteran media executive Edgar Bronfman submitted a $5.5 billion bid to acquire Paramount Global, Axios reported.

Bronfman aims to block media heiress Shari Redstone’s $8.4 billion merger with David Ellison’s Skydance Media.

According to the agreed merger between Paramount and Skydance, the entertainment company could shop for other offers for 45 days. Bronfman initially submitted a $4.3 billion bid Monday night before the deadline.

Paramount’s board will review the offer and may extend the evaluation period until September 5.