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Famed investor Mario Gabelli has filed a lawsuit that seeks access to Paramount Global’s (NASDAQ:PARA) books and records.
The investor is seeking more details about the valuation of National Amusements assets, according to media reports from Puck News, Reuters and others. Gabelli Funds owns about 4.9 million Class-A voting shares in Paramount.
The request for books and records comes after Paramount (PARA) agreed to a sale to Skydance Media on Monday. Gabelli posted a slightly cryptic tweet on Friday on X that “Operation fish bowl …most likely starts today.”
Gabelli told the New York Post earlier this month that he may not sell his stock in Paramount (PARA) even if it merges with Skydance. He said that the reported new Skydance deal appears to be a better one for minority shareholders,
Reports on the Skydance talks with Paramount (PARA) talks have drawn grumbling from economic holders of Paramount’s nonvoting stock (PARA) for several months, who fret about dilution in a deal that rewards Redstone at the expense of the nonvoting Class B holder.