Mario Gabelli, a majority shareholder in Paramount and its predecessors for decades, is pressing for more information about the company's pending merger with Skydance.

The investor and fund manager are specifically seeking more financial details and clarity on the valuation of National Amusements, Inc. Skydance and its lenders are investing $8 billion in a complex two-step transaction to first take control of NAI and then merge with Paramount. The deal, which values Skydance at $4.75 billion and includes a $2.4 billion all-cash acquisition of National Amusements, is expected to close in the third quarter of 2025.

In multiple posts on Twitter/X, Gabelli touted what he called “Operation Fish Bowl,” which was clearly an effort to increase visibility around the transaction. The initiative “will likely start today,” he said, adding, in the abbreviated syntax that is his signature on social media, “starting data collection today.” There was no mention of a lawsuit, but multiple reports Friday night said he had made legal overtures in an attempt to extract more information. Puck reported that a complaint had been filed in Delaware state court, but that the court filing did not include a filing as of Friday night. Reuters reported that Gabelli had written to Paramount’s general counsel seeking additional details, but the news agency did not cite a formal legal complaint.

Gabelli said on X that his quest is “no different than security analysts digging for data on an industry/company.”