Paramount Seeks FCC Nod for Middle East Financing in Warner Bros. Merger

Paramount filed a petition with the FCC seeking approval for indirect foreign investment by Saudi Arabia’s PIF, Abu Dhabi’s L’Imad, and Qatar Investment Authority in its $111 billion Warner Bros. Discovery deal. The three sovereign funds would hold non-voting equity while the Ellison family and RedBird retain voting control; the filing notes the indirect foreign ownership would be about 49.5% and asks for a ruling that could allow up to 100% foreign ownership of equity or voting shares—though the FCC’s approval would cover foreign financing, not the deal itself. The three funds are expected to provide roughly $24 billion of capital, with PIF as the largest contributor, and the filing argues the investment would bolster local programming, tech, and competition.