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FCC Approves Foreign Equity in Paramount-Warner Deal

By Drooid · Sep 19, 2026, 10:43 PM UTC · How we work

Summary

FCC Approves Foreign Equity

The Federal Communications Commission approved foreign equity in Paramount’s $110 billion Warner Bros. Discovery acquisition.
The FCC waived the 25% cap, permitting up to 49.5% non-voting equity.
Saudi Public Investment Fund, Qatar Investment Authority and L’Imad Holding will invest $24 billion for the stake.
David Ellison’s family and RedBird Capital Partners retain 100% voting shares and control the company.
The foreign investors will receive no voting stock, governance rights, or U.S. citizen data access.

Summary

Senator Sanders Criticizes Waiver

The FCC staff-level ruling bypassed a full commission vote, prompting criticism for lack of transparency.
Senator Bernie Sanders denounced the waiver, calling foreign control of U.S. media “outrageous.”
Senator Maria Cantwell warned the Communications Act forbids foreign government ownership regardless of voting rights.
Advocacy group Free Press urged the FCC to spin off CBS and CNN into an American-owned subsidiary.

History

Historical Context

After the 1996 Telecommunications Act removed many media-ownership limits, the FCC in 2003 voted to scrap the newspaper-broadcast cross-ownership ban, paving the way for larger domestic and foreign stakes. A 2026 decision then eliminated the 39% national television-reach cap, prompting the agency to grant a waiver that lets Saudi and Qatari funds hold a 49.5% non-voting share in Paramount’s $110 billion Warner Bros. Discovery deal.

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FCC Approves Foreign Equity

The Federal Communications Commission approved foreign equity in Paramount’s $110 billion Warner Bros. Discovery acquisition.
The FCC waived the 25% cap, permitting up to 49.5% non-voting equity.
Saudi Public Investment Fund, Qatar Investment Authority and L’Imad Holding will invest $24 billion for the stake.
David Ellison’s family and RedBird Capital Partners retain 100% voting shares and control the company.
The foreign investors will receive no voting stock, governance rights, or U.S. citizen data access.

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