In the latest twist in the Paramount Global merger and acquisition saga, Skydance Media alleges the media company violated the terms of its merger agreement by accepting a competing $6 billion bid from investors led by billionaire Edgar Bronfman Jr.

Lawyers for David Ellison's Skydance sent a letter Thursday to the special committee Paramount created to review M&A offers. They accused the committee of violating the terms of their deal by extending the negotiation period to consider Bronfman's offer — and threatened to withdraw their own proposal for more than $8 billion, the Wall Street Journal reported. Skydance's legal team demanded that Paramount end negotiations with Bronfman's group.

"Paramount is in irremediable, material breach of the Transaction Agreement," Skydance's letter to the special Paramount committee read, according to the report. The Journal also said, "While Skydance is not currently exercising its right to terminate the Transaction Agreement, we reserve the right to do so in the future."

Representatives for Skydance, Bronfman and the special committee of the Paramount board of directors declined to comment on Variety's statement.