03:28 AM EDT, 04/15/2024 (MT Newswires) -- (Updates with Paramount's response in the sixth paragraph.)

Paramount Global ( PARAA ) shareholder Mario Gabelli is against a possible merger between Paramount and Skydance Media, the New York Post reported Friday.

Gabelli said in an interview he is also against a sale of Paramount to Apollo Global Management (APO).

"There's no question I'd rather see no sale," Gabelli said, according to the report.

He said he would prefer Paramount to stick with the turnaround strategy of Chief Executive Officer Bob Bakish, according to the report.

"I'm a firm believer in what Bakish is doing and I think he can pull it off and the stock will be worth substantially more," Gabelli said, according to the report.

A Paramount spokesperson declined to comment in a reply to a request sent by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)