Media mogul Edgar Bronfman Jr. is reportedly entering the ring and readying a bid for Paramount Global's (PARA) parent company National Amusements. While Paramount agreed to an offer by Skydance Media in July, this news comes during the 45 day "go-shop" period when the media giant can consider other takeover bids.

Yahoo Finance senior entertainment reporter Alexandra Canal explains this news and puts into context of Paramount's current cost-cutting initiative.

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This post was written by Luke Carberry Mogan.