Paramount Pictures is set to own Warner Bros Discovery after a $111 billion acquisition, but filings show foreign investors will hold just under half of the merged entity’s equity. The Ellison family and RedBird Capital will retain all voting control, while the FCC filing seeks approval for the non‑U.S. equity infusion required to close the deal.

Three Gulf sovereign‑wealth funds are committing roughly $24 billion, giving Saudi Arabia’s Public Investment Fund a 15.1% stake, Abu Dhabi‑backed L’Imad 12.8%, and Qatar Investment Authority 10.6%. None of these investors receive voting shares, but their cash bolsters the Ellisons’ ability to fund the transaction even if external financing falters.

The deal places nearly 50% of a major U.S. media conglomerate in Gulf hands, raising scrutiny from antitrust and newsroom independence watchdogs, especially as Paramount owns CBS News and Warner holds CNN. Regulators have signaled support, but the ownership structure cements Gulf sovereign capital as a permanent fixture in Hollywood finance.

FCC chair Brendan Carr called the merger a “good deal” likely to clear quickly, while critics point to Saudi Arabia’s controversial record, including the 2018 killing of journalist Jamal Khashoggi. Nonetheless, the infusion supports Gulf states’ broader push to diversify away from oil by anchoring cultural assets in the United States.