(Reuters) – Skydance Media last week revised its offer to Paramount Global to buy up to a certain number of non-voting Paramount shares at $15 each, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
The new proposal values Paramount B shares at a roughly 26% premium to Friday's close, the report added.
Paramount declined to comment on the report, while Sky Dance did not immediately respond to Reuters' request for comment.
The Wall Street Journal reported separately on Friday that a special committee of Paramount's board had agreed to recommend a deal with Skydance Media after its improved bid last week.
Skydance has made a better offer for the proposed merger with Paramount that is said to offer improved terms for both voting and non-voting Paramount shareholders, and save more money, a source told Reuters on Thursday.
Skydance spent months in negotiations with Paramount.
Meanwhile, a rival bidder, Sony (NYSE:) Pictures Entertainment, in partnership with Apollo Global Management (NYSE:), emerged late in the deal process, submitting a non-binding all-cash offer of $26 billion. It has since backed away from that initial proposal in favor of a more limited approach.