Story perspectives

Paramount-Warner $111B Merger Approved, 49.5% Foreign Ownership

4/28/2026

Summary

Paramount Merger Approved

Paramount Global and Warner Bros. Discovery shareholders approved a $111 billion merger.
The FCC filing shows the company will be 49.5% owned by non-U.S. investors, with a 24% stake from three Middle-East funds investing $24 billion.
Paramount says foreign investors have no voting control and are passive backers.
The deal must close by September, with a September 30 deadline that would trigger a “ticking fee” if delayed.

Summary

Paramount Requests FCC

Paramount filed an FCC petition seeking a ruling to let indirect foreign equity and voting stakes exceed the 25% limit and reach 100% ownership.
The petition asks for FCC approval for foreign investors to raise their indirect equity or voting interest by up to 20%.
FCC will refer the request to Executive Branch agencies for national-security, law-enforcement, foreign-policy and trade-policy review.
Comments are accepted until May 27, with replies due June 11.

History

Historical Context

The 1996 Telecommunications Act, signed by President Bill Clinton on February 8, overhauled the 1934 Communications Act and loosened cross-ownership rules, prompting consolidation that cut major U.S. media owners from about 50 in 1983 to six by 2005. The FCC enforces ownership limits, from Abu Dhabi-backed stakes in Comcast’s 2011 NBCUniversal deal to Paramount-Warner’s 2024 merger proposal.

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Paramount Merger Approved

Paramount Global and Warner Bros. Discovery shareholders approved a $111 billion merger.
The FCC filing shows the company will be 49.5% owned by non-U.S. investors, with a 24% stake from three Middle-East funds investing $24 billion.
Paramount says foreign investors have no voting control and are passive backers.
The deal must close by September, with a September 30 deadline that would trigger a “ticking fee” if delayed.

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