FCC lets Paramount sell 49.5% equity stake to Saudi Arabia, UAE, and Qatar
FCC rejects concerns about repressive governments buying influence over CBS owner.
The Federal Communications Commission (FCC) recently granted approval for Paramount Skydance to sell a significant stake of the company to sovereign wealth funds from Saudi Arabia, the United Arab Emirates, and Qatar. In accordance with US law, entities operating broadcast stations require FCC permission to possess ownership exceeding 25 percent.
Paramount has disclosed that their foreign ownership is projected to increase to 49.5 percent post investments from the aforementioned sovereign wealth funds. Additionally, Paramount submitted a petition seeking FCC approval to waive the foreign ownership cap. Paramount, the parent company of CBS, is licensed to manage and operate 28 local CBS stations.
The acquisition of Warner Bros. Discovery by Paramount is being partially funded through foreign investment; however, the merger has not yet been finalized due to a lawsuit filed by various US states aiming to halt the merger. The Department of Justice under the Trump administration had previously approved the merger.
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