  We study the three-dimensional theory of two Chern-Simons gauge fields
coupled to a scalar field in the bifundamental representation of the $SU(N)_k
\times SU(M)_{-k}$ gauge group. At small but fixed $M \ll N$, this system
approaches the theory of a Chern-Simons field coupled to fundamental matter,
conjectured to be dual to a parity-violating version of Vasiliev's higher-spin
gauge theory in $AdS_4$. At finite $M/N$ and large 't Hooft coupling this
theory (or its SUSY version) is expected to be dual to an Einstein-like
gravity. We show at two loops that this theory possesses a line of fixed points
at any value of $M/N$. We also prove that turning on a finite but small $M/N$
gaps out the light states that Chern-Simons theory coupled to fundamental
matter develops when placed on a torus. We also comment on the higher genus
case.
