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Story summary
- The Federal Communications Commission approved David Ellison’s plan for sovereign funds to own 50% of a merged Paramount-Warner Bros. Discovery.
- The combined company would have 49.5% foreign ownership, including 38.5% from Saudi, Qatar and Abu Dhabi funds.
- Ellison family and RedBird Capital will retain 100% of voting shares, giving them full control of the merged firm.
- California Attorney General Rob Bonta and 11 other Democratic attorneys general filed an antitrust challenge to block the merger.
- The FCC issued the ruling as a staff-level decision without a full commission vote, prompting criticism.