FCC Approves Foreign Funds for Paramount-Warner Merger Equity

The Federal Communications Commission has approved a petition from Paramount Global, allowing foreign sovereign wealth funds to hold up to 49.5 percent of nonvoting equity in a merged entity with Warner Bros. Discovery. The decision, issued on September 17, 2026, removes a key regulatory hurdle for the proposed $110 billion acquisition, though the merger itself remains blocked by a separate antitrust lawsuit. The FCC's Media Bureau granted the declaratory ruling, which permits Saudi Arabia's Public Investment Fund, Qatar's Qatar Investment Authority, and Abu Dhabi's Limad Holding Company to indirectly hold nonvoting Class B shares. The ruling also grants advance approval for each investor to increase their stake to up to 20 percent in the future. The commission found the investment serves the public interest, concluding that the foreign investors will have no voting rights, governance, or influence over content decisions. Paramount stated that upon merger closure, the Ellison family and RedBird Capital Partners will collectively hold the largest equity stake and 100 percent of the voting shares, with no other equity participant having any governance rights.