Minority Stakeholder Seeks FCC Pause on Paramount/Skydance

Asset manager Gabelli, which holds a stake in Paramount Global, is asking the FCC to defer action on Skydance Media's proposed purchase of Paramount. In a docket 24-275 filing posted Tuesday, Gabelli said a deferral would provide it with sufficient time for an inquiry into the merger terms and "potential fiduciary and/or federal securities violations." Gabelli said that inquiry would let it know whether to initiate litigation for breach of fiduciary duty against Paramount's board, Skydance or National Amusements, which has a controlling stake in Paramount. The $8 billion transaction was announced in July (see 2407080025).