In a stunning bit of news (reported from a Variety exclusive), Paramount Pictures was set to be acquired by Skydance Media, but a last-minute bid from investors of over $13 billion has been brought to the meeting of the minds table.

In November, it was reported that Skydance Media would acquire Paramount Pictures for $8 billion. This would be a two-step transaction, with Skydance acquiring the parent company (Shari Redstone’s National Amusements) before the merger.

As part of the deal, David Ellison (founder and CEO of Skydance) commented:

“This is a defining and transformative time for our industry and the storytellers, content creators and financial stakeholders who are invested in the Paramount legacy and the longevity of the entertainment economy. I am incredibly grateful to Shari Redstone and her family who have agreed to entrust us with the opportunity to lead Paramount. We are committed to energizing the business and bolstering Paramount with contemporary technology, new leadership and a creative discipline that aims to enrich generations to come.”

However, this recent bid trumps the numbers and reported terms from the group of investors (Project Rise Partners), presenting an all-cash offer with proper financing from respected and credible investors. This would also cover a $5 billion base for restructuring the debt.

Reps for both parties have declined to comment on this recent development, and it’s difficult to say where the deal will land with a bidding war in full force with ramifications tied in. Stay tuned for more information.