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Skydance Media is accusing Paramount Global of opening a new tab on a special committee of directors and breaching the terms of its deal by extending the period of time during which it can engage with other bidders.

The competing offer for the home of Paramount Pictures, the CBS broadcast network and cable networks such as MTV threatens to undo a planned acquisition by tech scion David Ellison and his firm Skydance Media.

The deal includes the distribution of Paramount+ to all Canal+ subscribers, and nine Paramount linear channels, as well as the acquisition of premium Paramount content exclusively for CANAL+ Group channels and services.

Veteran media executive submitted a roughly $4.3 billion bid to take over Paramount Global through the acquisition of National Amusements, the family-holding company that owns a controlling stake in the media company

The cuts, which add to the round of layoffs the company implemented in February of this year and that reduced its employee base by 3%, are part of a corporate effort to generate annual run-rate cost savings of $500 million.