Mario Gabelli , the longtime fund manager who has made noise over the past two years about the terms of the Paramount -Skydance merger, has sued former Paramount controlling shareholder Shari Redstone .

Gabelli, chairman of New York-based Gamco, filed suit against Redstone and National Amusements, the company that held the controlling stake in Paramount shares, in Delaware Chancery Court on Wednesday. He is seeking class-action status for the complaint. Along with other shareholders, Gabelli complained that Redstone carved out a sweetheart deal for herself and her family, coming away with $2.4 billion in proceeds from the merger while other investors were left at a disadvantage.

The $8.4 billion transaction closed last Thursday after a tortuous regulatory process. Paramount shares w

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