Billionaire Mario Gabelli Challenges Paramount-Skydance Deal (1)

Billionaire money manager Mario Gabelli has jumped into a widening court fight challenging Paramount Global’s $8 billion sale to Skydance Media LLC, which closed this month.

The lawsuit, made public Tuesday, is the latest of several cases brought by investors targeting the deal in Delaware’s Chancery Court. The transaction has drawn renewed scrutiny over potential “corrupt side deals” after Paramount-owned CBS canceled “The Late Show with Stephen Colbert,” which frequently skewers President Donald Trump, and settled the president’s defamation lawsuit.

Gabelli’s 114-page court complaint, originally filed under seal Aug. 13, doesn’t directly address those allegations. Like ...