Investing.com — Money manager Mario Gabelli is petitioning a judge to compel Paramount Global to disclose documents related to its merger with Skydance Media, Bloomberg reported on Thursday, citing a court filing.
The intention behind this move is to allow investors to understand the benefits that controlling shareholder Shari Redstone is deriving from the deal and to ascertain its fairness, according to the report.
Gabelli, whose funds hold approximately 12% of Paramount’s voting shares, has claimed that the company has declined to provide records that would reveal if the profits Redstone is making from the sale of her National Amusements Inc. (NAI), are unfairly disadvantaging Paramount’s minority shareholders, based on Delaware corporate law, it added.
According to a document filed by a Gabelli fund in Delaware Chancery Court, which was made public on Jan. 6, “Skydance plans to buy NAI’s controlling stake in Paramount at a considerably high premium, diverting value from other shareholders.” The document also stated that Paramount and National Amusements “have provided no clarity on the valuation of NAI.”
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