FCC Approves 49.5% Foreign Ownership of Paramount-Warner Bros.

By Gene Maddaus

Gene Maddaus

Senior Media Writer

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The Federal Communications Commission on Thursday approved Paramount’s petition to allow 49.5% of its equity to be held by foreign entities once the Warner Bros. Discovery deal is complete.

Paramount owns 28 TV stations, and thus must get the FCC‘s approval for foreign ownership over 25%. Its acquisition of WBD is backed by three Gulf state sovereign wealth funds.

In approving the petition, the FCC dispensed with concerns over national security and improper influence, noting that the foreign funds — from Saudi Arabia, Qatar and Abu Dhabi — will not own voting stock.

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