Paramount-Skydance Merger Sets Up Fight to Lead Court Challenge

A legal battle is brewing over the chance to lead high-stakes litigation challenging the planned $8 billion merger between Paramount Global and Skydance Media LLC.

So far only one lawsuit has taken direct aim the transaction, which would combine Shari Redstone’s media empire and David Ellison’s with a $6 billion investment from his father, Oracle Corp. founder Larry Ellison, the world’s fourth-richest man as of Thursday. But the Paramount shareholder who won the race to the courthouse is now urging a judge to let his lawyers lead the litigation when it inevitably widens to include other investors, such ...