Paramount Global's planned $8 billion merger with Skydance Media is facing legal challenges from a shareholder who claims the deal would cost public shareholders over $1.65 billion. The lawsuit, filed in Delaware's Chancery Court, alleges that the merger is primarily designed to benefit Shari Redstone, Paramount's chairwoman, by allowing her to cash out her investment at a premium, while other shareholders would receive significantly lower payouts. The investor's legal action comes amid broader scrutiny of the merger, which has raised concerns about its fairness and the motivations behind it. Additionally, Barry Diller, chairman of IAC, has indicated that his company is no longer pursuing a bid for Paramount, citing the overwhelming resources of competitor Larry Ellison as a key factor in this decision.