David Ellison and his family's company, Paramount Skydance, has asked the US Federal Communications Commission (FCC) for approval to support the acquisition of Warner Bros. Discovery by foreign investors, Reuters reports, based on regulatory documents published on Monday. According to a Paramount spokesman, the report is not unique for this type of investment. FCC rules govern foreign investment in American television.
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Acquisition of Warner Bros. Discovery. Support from Middle Eastern countries
Foreign investors would have slightly less than 50 percent. stake in Paramount, and David Ellison's family would still have control over the company's operations, with voting rights.
Companies from Saudi Arabia, Qatar and the United Arab Emirates confirmed their support for Paramount's investment. These are: the Saudi Public Investment Fund (PIF), L'imad Holding Company from Abu Dhabi and the Qatar Investment Authority.
Shareholders of Warner Bros. Discovery, during the general meeting on Thursday, April 23, approved the sale of the company to Paramount Skydance. The transaction is worth USD 110 billion. Once the deal is finalized, shareholders will receive $31. in cash for each share of Warner Bros. common stock held. Discovery.
The list of WBD assets to be taken over by Paramount includes the popular streaming platform HBO Max, but also well-known film and television studios, as well as television stations operating globally, such as CNN, TNT and the Polish TVN.
