(Bloomberg) -- Activist investor Barington Capital Group L.P. is calling on Paramount Global to end exclusive talks with media mogul David Ellison and consider rival proposals, including one from Apollo Global Management Inc.

Barington, which owns a small stake in the film and TV giant, objects to the reported terms of a deal being considered with Ellison, according to a letter to the company’s board on Friday that was reviewed by Bloomberg News. 

Ellison is in talks to take control of Paramount, the parent of CBS, MTV and other networks, through a deal that would merge his Skydance Media with the company, Bloomberg News and others have reported.

The son of Oracle Corp co-founder Larry Ellison and his backers would also pay more than $2 billion for National Amusements, the Redstone family holding company that owns a majority of Paramount’s voting stock. Ellison and Paramount’s independent directors have committed to a month of exclusive talks. 

“The hallmark of running an effective strategic alternatives process rests with competitive bidding,” Barington Chief Executive Officer James Mitarotonda said in the letter. “By choosing not to negotiate with other parties or permit them to conduct due diligence, the special committee has effectively chilled the process.”

A representative for Paramount declined to comment. 

Barington joins a growing chorus of investors criticizing a potential deal with Ellison, which could value Skydance as high as $5 billion. 

Matrix Asset Advisors, which also owns Paramount shares, called the reported terms “sub-optimal” and “significantly dilutive to shareholder value” in a letter to Paramount’s board earlier this week. 

The Riley Firm LLC, representing a shareholder with 1% of the stock, urged Paramount’s Chair Shari Redstone to preserve documents in anticipation of a future shareholder lawsuit.

Read More: David Ellison Closes In on Hollywood Prize

(Updates with Paramount declining to comment.)

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