Paramount Skydance has filed with the FCC stating that the merged Paramount-Warner Bros. Discovery will see Middle Eastern funds holding 38.5% of the equity. Saudi Arabia’s Public Investment Fund will take a 15.1% stake, the UAE’s sovereign wealth fund 12.8%, and Qatar Investment Authority 10.6%. Foreign investors will lack board seats or voting shares, with control remaining with the Ellison family and RedBird Capital Partners.
In a filing with the Federal Communications Commission on Monday, Paramount Skydance disclosed details of foreign ownership in the planned Paramount-Warner Bros. Discovery merger. The document outlines that foreign investors will collectively own 49.5% of the new company, with the three Middle Eastern sovereign wealth funds accounting for 38.5% of the equity. These funds committed nearly $24 billion to the deal, including about $10 billion from Saudi Arabia’s Public Investment Fund (PIF). Paramount emphasized that none of these investors will receive board seats or voting shares, preserving full voting control for the Ellison family—David Ellison and his father Larry—and RedBird Capital Partners through their Class A Common Stock stake, which represents 100% of voting power. Warner Bros. Discovery shareholders approved the $111 billion transaction last week. The deal awaits European regulatory approval and faces potential challenges from U.S. state attorneys general, though it has passed a key Justice Department antitrust review milestone. A Paramount Skydance representative described the FCC filing as a standard petition for a declaratory ruling on indirect foreign investment in broadcast stations. “When the transaction and equity syndication close, the Ellison family and RedBird will collectively hold the largest equity stake in the combined company and continue to be the sole owners of Class A Common Stock, representing 100% of the voting shares, with no other equity syndication party having any governance rights, voting shares or board representation,” the rep stated. The company added that the merger of Paramount and Warner Bros. Discovery’s assets will enhance competition and support creative talent.
