Mario Gabelli Seeks Delay on Skydance-Paramount Merger

Mario Gabelli, a significant shareholder in Paramount Global, has urged the Federal Communications Commission (FCC) to pause its review of the company's $8 billion merger with Skydance Media. Gabelli, who owns about 12.5% of Paramount's Class A shares, expressed concerns about potential fiduciary and securities violations affecting minority shareholders, particularly regarding inadequate disclosures in the merger's proxy statement. He requested the delay to investigate whether to initiate legal action against Paramount's board and its controlling shareholder, Shari Redstone, for possible breaches of duty. Gabelli's firm has previously sought access to records to better understand the financial implications of the deal and the payments to Redstone's National Amusements Inc. The merger is notable as it does not require a vote from minority shareholders, who will only receive non-voting shares post-merger. The FCC's decision on the license transfer is pending amid ongoing scrutiny from Gabelli and other concerned investors.