Investing.com – Fund manager Mario Gabelli has asked a judge to force Paramount Global to disclose documents related to its merger with Skydance Media, Bloomberg reported Thursday, citing a court filing.
The intention behind this move is to allow investors to understand the benefits that majority shareholder Shari Redstone derives from the deal and determine its fairness, according to the report.
Gabelli, whose funds own about 12% of Paramount's voting stock, has claimed that the company has refused to provide records revealing whether the profits Redstone is making from the sale of its National Amusements Inc. (NAI ) are unfairly disfavoring Paramount's minority. shareholders, based on Delaware corporate law, he added.
According to a document filed by a Gabelli fund with the Delaware Court of Chancery, which was made public on January 6, “Skydance plans to purchase NAI's majority interest in Paramount at a significantly high premium, diverting value from other shareholders.” The document also states that Paramount and National Amusements “have not provided clarity regarding NAI's valuation.”
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