FCC Grants Waiver Allowing Gulf Sovereign Wealth Funds to Own Nearly 50% of Paramount-Warner Bros.
The Federal Communications Commission has approved a waiver allowing three Gulf sovereign wealth funds—controlled by the governments of Saudi Arabia, Qatar, and Abu Dhabi—to collectively own 49.5 percent of the combined Paramount-Warner Bros. entity. This decision grants the foreign governments a stake nearly double the FCC's standard 25 percent cap on foreign equity ownership in US broadcast companies.
The ruling comes amid broader scrutiny of FCC Chair Brendan Carr's aggressive regulatory posture toward domestic broadcasters and news organizations. In recent months, the commission has taken actions targeting ABC, attempted to restrict stations from airing interviews with Democratic officials, and engaged in what critics characterize as pressure tactics against journalists and late-night comedy programs.
The FCC's decision to approve the foreign ownership waiver contrasts with these enforcement actions against American media outlets. In its ruling, the commission defended the approval, though opponents argue it sets a precedent that permits authoritarian governments significant influence over US media infrastructure.
The Paramount-Warner Bros. merger, which combines Paramount Pictures, CBS, and Warner Bros. Discovery, represents one of the largest consolidations in recent media history. The involvement of sovereign wealth funds from countries with questionable human rights records has raised concerns among First Amendment advocates and national security analysts who study foreign influence in American information ecosystems.