Investing.com – Money manager Mario Gabelli is asking a judge to force Paramount Global to disclose documents related to its merger with Skydance Media, Bloomberg reported on Thursday, citing a court filing.
According to the report, the purpose of this move is to allow investors to understand the benefits that controlling shareholder Shari Redstone receives from the transaction and to ensure that it is fair.
Gabelli, whose funds own about 12% of Paramount’s voting shares, said the company has refused to provide reports that would show whether Redstone is making a profit from the sale of its National Amusements Inc. (NAI), unfairly disadvantages a minority of Paramount. shareholders, based on Delaware corporate law, were added to the company.
According to a document filed by Gabelli’s fund in Delaware Chancery Court and made public on January 6, “Skydance plans to buy NAI’s majority stake in Paramount at a significantly high premium, diverting profits from other shareholders.” The document also states that Paramount and National Amusements “have not provided clarity regarding NAI’s assessment.”
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