Paramount has asked the Federal Communications Commission to sign off on its equity investment from three prominent Middle East sovereign wealth funds that are backing the company’s $111 billion acquisition of Warner Bros. Discovery.
In a petition for declaratory ruling to the FCC signed by Paramount legal chief Makan Delrahim, Paramount asks the Brendan Carr-led commission to sign off on the deal involving Saudi Arabia’s PIF (public investment fund), L’Imad, an Abu Dhabi sovereign wealth fund, and a Qatar Investment Authority fund.
Paramount notes that David Ellison and his father Larry Ellison, as well as RedBird Capital, will control all voting shares in the company, and that the sovereign funds are only acquiring non-voting equity shares.
“Upon consummation of the Proposed Investment, Petitioner expects that the aggregate indirect foreign ownership of equity interests in Paramount will be approximately 49.5 percent,” Paramount writes, underscoring the extent to
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