Paramount Loses Appeal Over $8 Billion Skydance Deal Documents

The $8 billion merger between Paramount Global and Skydance Media LLC divided Delaware’s top legal tribunal Wednesday as it ordered the media conglomerate to turn over deal documents to an investor.

The state supreme court ruled for a pension fund seeking more information on the transaction handing Paramount’s reins from media mogul Shari Redstone to producer David Ellison and backers led by his father, Oracle Corp. founder Larry Ellison, whose $196 billion net worth makes him the world’s sixth-richest person. The dispute compelled Delaware’s justices to weigh in on the fraught intersection of deal journalism and high-stakes litigation.

The ...