Paramount Seeks FCC Approval for Up to 100% Foreign Stake

Paramount is asking the FCC to let foreign investors indirectly own up to all of its equity while keeping voting control with U.S. owners. The request ties to its $110 billion merger with Warner Bros. Discovery and aims to satisfy statutory foreign‑ownership limits.

The Federal Communications Commission received Paramount’s petition on Monday, seeking permission for existing and prospective foreign investors to hold indirect equity and voting interests beyond the 25 % benchmark.

Paramount says the move is routine for large equity syndicates and is not a condition for closing its acquisition of WBD.

The filing also goes to the inter‑agency Team Telecom for national‑security review.

Paramount expects indirect foreign ownership to settle around 49.5 % of equity, far below the 100 % ceiling it is requesting to accommodate market swings and future investments.

Middle Eastern sovereign wealth funds will take 38.5 % of non‑voting shares, with Saudi Arabia’s PIF at 15.1 %, L’Imad Holding at 12.8 %, and the Qatar Investment Authority at 10.6 %.

The Ellison family and RedBird will retain 100 % of voting shares, meaning no foreign holder gains board seats or governance rights.

Additional foreign limited partners in RedBird‑managed funds will own about 5.2 %, and RedBird’s funds overall will hold roughly 9 % of Paramount Skydance equity.

Other foreign investors may include holders who have filed Form 13F with the SEC.

If the FCC approves the petition, Paramount can attract more overseas capital without altering its U.S.-led control structure, potentially strengthening its balance sheet as it integrates Warner Bros. Discovery assets.

The decision will test how regulators balance openness to foreign investment with statutory limits designed to protect domestic media influence.

Observers should watch the FCC’s comment period ending May 27 and any subsequent rulings from Team Telecom that could shape the final ownership cap.