The FCC is waiving its 25 percent foreign equity cap for the Paramount-Warner Bros. merger, allowing sovereign wealth funds from Saudi Arabia, Qatar and Abu Dhabi to own 49.5 percent. Paramount owns 28 TV stations. The FCC says the funds won't have voting rights or control, but critics disagree.

The petition originally sought up to 100 percent foreign ownership, which the FCC granted, though voting shares require another request. Free Press and Democrats oppose the move. FCC Commissioner Anna Gomez warned it lets repressive governments influence a major media company.

The merger faces an antitrust suit from California and 11 other states, with trial set for next March.