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Paramount Shareholder Mario Gabelli Asks FCC To Delay Review Of Skydance Merger Pending His Request For More Financial Details
Longtime Paramount Global shareholder Mario Gabelli is stepping up his campaign for more transparency around the company's merger deal with Skydance.
Gabelli last July contacted Paramount management and also filed a complaint in Delaware Chancery Court asking for the company to clarify a number of financial aspects of the transaction. Gabelli told Deadline he wants to understand in more detail the components of a $2.4 billion payment being made by Skydance and its backers to Redstone’s National Amusements Inc. About 80% of voting control of Paramount belongs to NAI, but the company also owns movie theaters and other assets. The letter to the FCC charges that a recent 600-plus-page proxy statement outlining the structure of the new company does not provide “adequate disclosures” as to the merger process or the deal’s “fairness.”
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