Delaware Court Weighs Paramount Bid to Rein in Investor Scrutiny

The $8 billion merger between Paramount Global and Skydance Media LLC, already a magnet for high-stakes legal challenges, put deal journalism itself in the crosshairs of Delaware’s top court Wednesday.

Paramount is looking to limit its disclosures about the transaction handing its reins from media mogul Shari Redstone to producer David Ellison and backers led by his father, Oracle Corp. founder Larry Ellison, the world’s second-richest person. The case is part of a wave of shareholder lawsuits that say the deal, which closed in August, was structured to funnel hundreds of millions from investors into Redstone’s pockets.

The ...