SCHEDULE: Gabelli Entities Opt for Cash in Paramount Global-Skydance Merger

A group of investment entities led by Mario Gabelli, collectively holding 12.03% of Paramount Global's Class A Common Stock, have elected to receive cash for their shares in the upcoming Skydance Media acquisition.

Summary

• A group of Reporting Persons, including GAMCO Investors, Inc., Gabelli Funds, LLC, and entities controlled by Mario Gabelli, collectively beneficially own 4,894,726 shares of Paramount Global's Class A Common Stock.
• This aggregate ownership represents 12.03% of the 40,702,683 Class A shares outstanding as of May 5, 2025.
• The Reporting Persons used approximately $1,860,430 to purchase additional shares since their most recent Schedule 13D filing.
• Funds for these purchases came from various sources, including investment advisory client accounts ($229,577 from GAMCO, $1,374,824 from GCIA, $113,000 from MJG Associates), working capital ($67,294 from AC, $17,972 from Foundation), and private funds ($57,765 from Mario Gabelli).
• In connection with Skydance Media's acquisition of Paramount Global, all Reporting Persons elected to receive cash for their shares.
• The acquisition is expected to close on August 7, 2025, with the cash/stock election deadline for shareholders being July 31, 2025.

Sentiment

Score: 5

Explanation: The filing is primarily a factual disclosure of a significant shareholder group's beneficial ownership and their election in a merger. While the cash election is a strategic choice, the filing itself does not convey an overtly positive or negative sentiment regarding Paramount Global's operational performance or future prospects, but rather the shareholder's preference for the merger consideration.

Positives

• The Reporting Persons have a clear strategy for their holdings in Paramount Global, opting for cash in the Skydance Media acquisition, which provides certainty of value realization for their investment.

Negatives

• The decision by a significant shareholder group to elect cash rather than stock in the new company could be interpreted as a lack of confidence in the future performance or strategic direction of the combined entity post-merger.

Future Outlook

The Skydance Media acquisition of Paramount Global is expected to close on August 7, 2025, following the shareholder election deadline for cash or stock on July 31, 2025.

Industry Context

This filing is directly related to the ongoing acquisition of Paramount Global by Skydance Media, a significant event in the media and entertainment industry. The election by a major shareholder group to receive cash reflects their strategic positioning regarding the merger's outcome and the future landscape of the combined entity.

Related Party Transactions

• The filing details the beneficial ownership and transactions of multiple related entities (e.g., GAMCO, Gabelli Funds, AC, GCIA, Foundation, MJG Associates, GGCP) that are ultimately controlled or significantly influenced by Mario Gabelli, highlighting their collective investment strategy in Paramount Global.

Stakeholder Impact

• Shareholders of Paramount Global are directly impacted by the merger and the choice between cash and stock consideration. The decision by a large shareholder group to elect cash provides insight into how some institutional investors are approaching the merger.

Next Steps

• The expected closing of the Skydance Media acquisition of Paramount Global on August 7, 2025.

Key Dates

Keywords

Paramount Global, Skydance Media, Merger, Acquisition, Class A Common Stock, Shareholder Election, Cash Election, GAMCO, Gabelli Funds, Mario Gabelli, Schedule 13D