Gulf-Backed Investors and Deal Structure
The proposed acquisition, led by Paramount Skydance, has already secured roughly $24 billion in commitments from major sovereign wealth funds, including Saudi Arabia’s Public Investment Fund, Qatar Investment Authority, and Abu Dhabi-based L’imad Holding, according to a report by the Financial Times.
According to the proposed structure, Saudi Arabia’s Public Investment Fund would hold a 15.1% stake in the combined company, while L’Imad, an investment vehicle backed by Abu Dhabi sovereign wealth funds, would own 12.8%. The Qatar Investment Authority is expected to take a 10.6% stake.
These investors are expected to take passive stakes in the combined company, with Paramount emphasizing that voting control will remain firmly in the hands of the Ellison family, led by CEO David Ellison.
That distinction matters. In regulatory terms, ownership and control are not the same thing, and Paramount’s argument hinges on the idea that foreign capital can flow in without shifting editorial or operational authority.
Still, the ownership structure may attract attention, given the scale of foreign investment in a company that controls a major U.S. broadcast network.
FCC Review and Approval Process
The FCC’s role in this deal is narrower than that of antitrust regulators, but no less important.
While approval from the commission is not strictly required for the merger to close, it would effectively remove barriers to foreign investment and provide legal certainty for the financing structure.
In practical terms, the filing is both a precaution and a signal. It tells regulators that Paramount is planning for a future in which international capital plays a central role in sustaining its business.
FCC leadership has already indicated that its involvement in the transaction may be limited, suggesting that the agency is unlikely to block the deal outright.
That does not mean approval is guaranteed. The commission will still evaluate whether the ownership structure serves the public interest, a standard that can stretch well beyond financial considerations.
The FCC review is just one piece of a broader regulatory puzzle. Warner Bros. Discovery shareholders have already approved the transaction, clearing a major hurdle.
But the deal now faces scrutiny from multiple fronts, including the U.S. Department of Justice and European regulators, who are assessing its potential impact on competition, content production, and media diversity.
The proposed combination has also prompted discussion about competition and creative opportunities, reflecting ongoing conversations about consolidation within the media landscape.
Paramount, for its part, has framed the merger as a necessary response to structural shifts in the entertainment industry. The company argues that scale is essential to compete with streaming giants and to offset the long-term decline of traditional pay-TV.
The FCC filing and the broader merger process illustrate how the economics of media are changing. Streaming has upended traditional revenue models, forcing legacy companies to pursue scale through consolidation. At the same time, the capital required to finance these deals increasingly comes from outside the United States, particularly from sovereign investors with long-term horizons.
That combination creates a new kind of tension: companies need global funding to survive, but regulators must weigh the implications of allowing that funding into industries tied to public influence and national identity.
