The titanic buy-out is backed by three sovereign wealth funds tied to Saudi Arabia, Qatar, and Abu Dhabi. The FCC acknowledged the national security concerns behind the foreign investment, noting in their decision that the Gulf State wealth funds would not have voting stock.
Nonetheless, the commission also carved out allowances for foreign investors to own all of the company’s stock, writing that “it is in the public interest to permit up to 100 percent indirect foreign equity interest of Paramount.”
The FCC’s observed national security concerns did not, however, extend to the three nations’ authoritarian rule, or the consequences of speaking freely under their control.
A Paramount spokesperson said in a statement that the company appreciated the FCC’s “careful review,” and specified that the “Ellison family and RedBird [Capital Partners] will collectively hold the largest equity stake in the combined company and 100 percent of the voting shares, with no other equity participant having any governance rights.”
Paramount Skydance came to an agreement to acquire Warner Bros. Discovery earlier this year when it undermined a previous deal between Warner Bros. and Netflix by offering an all-cash bid to buy the company with $31 per share.
If approved, the merger would fuse two gargantuan film studios, two streaming platforms, and two news organizations under the helm of David Ellison, the millennial son of tech billionaire Larry Ellison, who’s a close friend of Donald Trump.
The ongoing pause has put Paramount executives in a bind: the company placed a bet against time, promising Warner Bros. shareholders 25 cents a share each quarter if the deal isn’t wrapped by September 30. That could potentially penalize Paramount by more than $600 million per quarter.
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