Paramount Global received a new takeover proposal from Project Rise Partners (PRP), a consortium of investors who once already tried to strike a deal with the company, Variety reported on Friday citing a legal letter it obtained.

According to the letter, the bid is valued at $13.5 billion, higher than the $8 billion Skydance Media offered. Project Rise Partners insisted that their proposal is "superior" to that of Skydance.

"The offer for the B shares is $19 per share compared to $15 per share in the Skydance offer — a 75% premium and 27% more than Skydance. The PRP offer for the A shares remains the same as the Skydance offer. PRP will add $2B to the balance sheet. This is an all-cash offer with committed financing from credible investors," it was outlined in the letter.