Hedge fund Barington Capital on Friday urged Paramount Global to scrap its exclusive merger talks with Skydance Media, arguing all shareholders would benefit if the company looked at other potential bidders.

The New York-based hedge fund, which owns 325,000 shares in Paramount, has joined a chorus of increasingly disgruntled investors who say they are fearful of being cheated in a potential deal that is widely seen as favoring the company's controlling shareholder, Shari Redstone.