FCC lets Paramount sell 49.5% equity stake to Saudi Arabia, UAE, and Qatar

The Federal Communications Commission (FCC) recently approved a request from Paramount Skydance to allow sovereign wealth funds from Saudi Arabia, the United Arab Emirates (UAE), and Qatar to collectively hold an indirect equity stake of up to 49.5% in the company. This decision, made on September 18, 2026, grants an exception to the FCC's typical 25% foreign ownership benchmark for companies holding U.S. broadcast licenses, such as Paramount's CBS stations. The Gulf funds are slated to contribute at least $24 billion to the proposed merger of Paramount and Warner Bros. Discovery. While the foreign investors will hold a significant equity share, the FCC ruling mandates that the Ellison family and RedBird Capital Partners will retain 100% of the voting control and governance rights, with no influence over content decisions or access to non-public U.S. person data. Critics, however, have expressed concerns that such a substantial financial stake could still open the door to behind-the-scenes influence, particularly regarding news operations like CBS and CNN.