Two press freedom groups that own shares in Paramount Skydance are demanding to see the company’s books and internal documents, citing allegations that the company’s leaders may have promised favors to the White House to win approval for Paramount’s deal to acquire Warner Bros. Discovery.

The letter, sent Thursday to Paramount chief legal officer Makan Delrahim, says that media reports alleging that Paramount owner David Ellison and others promised favors to the Trump administration “create credible concern that Paramount leadership has offered, solicited, or effectuated a corrupt exchange,” which the groups argue would “constitute a breach of fiduciary duties” and open the company up to a “range of potential civil and criminal penalties.”

The letter cites Delaware law that allows stockholders to inspect the company’s books and records “for any proper purpose.”

Paramount declined to comment on the letter.

Among the issues raised in the letter are promises reportedly made by David Ellison and his father, Oracle billionaire Larry Ellison, that they would make “sweeping” changes at the news network CNN, which is owned by Warner Bros. Discovery.

The Ellison family acquired Paramount, which includes CBS and the storied Melrose Avenue film studio, last summer.

The letter cites changes implemented in CBS since their acquisition, including their decision to end late night television house Stephen Colbert’s show days after he characterized a settlement Paramount reached with Trump as a “big fat bribe.”

Under Ellison’s ownership, the letter says, numerous high-profile reporters have left the network and its ratings have dropped to “historic lows.”

Larry Ellison, who is backing the financing of Paramount’s proposed takeover of Warner, reportedly told White House officials that Paramount would “implement the CBS playbook” at CNN if the merger is approved, and remove anchors and commentators at the cable news network that Trump doesn’t like, according to the letter.

The effort comes just two weeks after Warner Bros. Discovery shareholders overwhelmingly approved the proposed merger. Investors have supported the Larry Ellison family takeover, which would become the biggest Hollywood merger in nearly a decade. The deal would pay Warner stockholders $31 per share — four times the stock price a year ago.

The letter was written on behalf of the Freedom of the Press Foundation, which develops secure communication tools for journalists and tracks violations of press freedom, and Reporters Without Borders, which tracks press freedom globally.

The organizations are being represented by former federal prosecutor Brendan Ballou, who established the Public Integrity Project this year to challenged alleged government corruption, as well as Delaware attorney Ronald Poliquin.

The missive, which could be a precursor to a lawsuit, opens another avenue of attack against the controversial $111-billion deal, which would transform the smaller Paramount into an industry titan.

With Warner Bros. Discovery, the Ellisons would also control HBO, TBS and the vast film and TV library of Warner Bros., which includes the Harry Potter, DC Comics, and Scooby-Doo, in addition to CNN.

Paramount, led 43-year-old David Ellison, wants to finalize its Warner Bros. takeover by the end of September. President Trump favors the deal; he has long agitated for changes at CNN.

But the proposed merger would saddle the combined company with $79 billion in debt, stoking fears that Paramount would be forced to make steep cost cuts to juggle such a large debt load.

Politicians, unions and progressive groups separately have pressed California Atty. Gen. Rob Bonta to scrutinize the proposed merger, hoping that he brings an antitrust lawsuit in an attempt to upend the deal.

More than 4,000 film industry workers, including Ben Stiller, Bryan Cranston, Ted Danson, J.J. Abrams, Jane Fonda and Kristen Stewart, have signed an open letter imploring Bonta and other regulators to block the merger. The group lamented the proposed tie-up, saying it “would reduce the number of major U.S. film studios to just four.”

Opponents fear the consolidation would lead to massive layoffs and diminish the quality of programming that Warner Bros., CNN and HBO are known for.

Hollywood has sustained thousands of layoffs over the last seven years since Walt Disney Co. swallowed Fox’s entertainment assets in another huge merger. In addition, the film production economy hasn’t recovered from shutdowns during the 2023 labor strikes. An estimated 42,000 entertainment industry jobs were lost from 2022 and 2024.

On Thursday, 34 California Democrats in Congress also sent a letter to Bonta, encouraging him to look closely at the merger.

The deal is expected to become one of the largest leveraged buyouts ever.

Ballou, who is working with the press freedom groups, previously served as a Justice Department special counsel with expertise in private equity transactions.

He resigned from the Justice Department in January 2025 when Trump returned to office. In his book, “Plunder: Private Equity’s Plan to Pillage America,” Ballou examined large leveraged buyouts and found that many of which resulted in bankruptcies.

President Donald Trump praised White House Chief of Staff Susie Wiles as “winning it decisively” in her battle with cancer after she revealed she was diagnosed nine weeks ago while accepting a major award Thursday night.

“It’s been especially inspiring to see her courage and toughness in recent weeks, and she’s been winning a battle with cancer and winning it decisively,” Trump said in a pre-recorded video message. “It was an early diagnosis, so she’s going to be in great shape.”

Wiles said during an onstage conversation that she would continue to work following the diagnosis.

“I come to work every day. I do my job, I don’t complain, and I think that sets an example, too, for the people I work with,” Wiles said.

WH CHIEF OF STAFF SUSIE WILES DIAGNOSED WITH EARLY STAGE BREAST CANCER, PROGNOSIS ‘EXCELLENT,’ TRUMP SAYS

Trump surprised Wiles with the video as she accepted the Independent Women’s Forum Barbara K. Olson Woman of Valor Award at a gala in Washington, D.C.

He praised her as “the first female chief of staff in American history” and “one of the best White House chiefs of staff ever in history.”

“I say the best, actually,” Trump said, adding that he was “tremendously grateful” for her “friendship, loyalty and support every single day.”

TRUMP CHIEF OF STAFF PLEDGES NO ‘DRAMA’ OR SECOND-GUESSING IN WHITE HOUSE

Wiles said she did not know the video was intended for the gala, despite briefly walking in while Trump was recording it.

“I walked in when he was filming it, but I didn’t know what it was for, and I kind of ducked out the back door,” she said.

Trump credited Wiles with playing a key role in each of his presidential campaigns, “especially in 2024,” and said his administration’s accomplishments have come with “her help and her leadership.”

TRUMP CHIEF OF STAFF SUSIE WILES RECOUNTS BUTLER ASSASSINATION ATTEMPT, THOUGHT PRESIDENT WAS DEAD AT FIRST

“Susie, we have a problem. I say go to Susie,” Trump said. “We owe her a tremendous debt and what she’s done is just incredible for our country.”

Wiles, who described herself as a lifelong Republican, said her decision to back Trump in 2016 was one of the biggest risks of her career.

“I wanted a disrupter,” Wiles said. “I looked around at the disrupters in the field and said, I think Donald Trump’s the one.”

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Asked about her role now, Wiles said, “This is the path God chose for me. And I’m here, and I’m doing the best I can every day.”

The gala was held Thursday at the Waldorf Astoria in Washington, D.C.

Fox News Digital’s Ashley Carnahan and Alex Nitzberg contributed to this reporting.