Paramount Global shareholder Mario Gabelli is asking the Federal Communications Commission to halt its review of the transfer of broadcast licenses in connection with the company’s $8 billion merger with Skydance Media while it investigates “potential fiduciary and/or federal securities violations” against minority media giant. Shareholders.
Gabelli Investments owns approximately 12.5% of Paramount’s Class A common stock (the second largest Class A shareholder after Shari Redstone and National Amusements) and approximately 900,000 Class B shares.
The latest request comes after Gabelli filed a request for books and records to learn more details about the deal, including how much Redstone will receive for its Class A shares.
On Nov. 4, Paramount filed a 669-page S-4 prospectus with the U.S. Securities and Exchange Commission about the deal with Skydance, which Gabelli said does not adequately disclose the process that led to the board or company’s approval of the merger. Merger fairness. Consideration.
It added that it does not provide any information that would allow shareholders to determine whether the amount to be paid has been transferred to NAI in exchange for a majority interest in the Company. NAI controls 77.4% of the outstanding shares of Paramount Class A common stock and approximately 9.5% of the company’s total share capital.
More to come…
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