02:06 PM EDT, 04/12/2024 (MT Newswires) -- (Updates with additional details in the second, third, and fourth paragraphs.)

Paramount Global ( PARAA ) was asked by activist investor Barington Capital Group to end exclusive talks with David Ellison and consider rival offers, including one from Apollo Global Management ( APO ) , Bloomberg News reported Friday, citing a letter to the company's board it reviewed.

Ellison is looking to take over Paramount via a deal that would merge his company, Skydance Media, with the entertainment conglomerate, and is willing to pay more than $2 billion for National Amusements, which owns a majority of Paramount's voting stock, the report said.

Barington Capital Group, which has a small stake in the conglomerate, has objected to certain reported terms of the deal, Bloomberg said.

"By choosing not to negotiate with other parties or permit them to conduct due diligence, the special committee has effectively chilled the process" of competitive bidding, Barington Capital Group Chief Executive James Mitarotonda said in the letter, according to the report.

Apollo Global Management ( APO ) declined to comment and Paramount Global ( PARAA ) and Barington Capital Group did not immediately reply to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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