Senators Push FCC Review of Foreign Funding in Paramount–WBD Deal

Six Democratic U.S. senators urged for a rigorous review of foreign ownership plans in Skydance-backed Paramount’s proposed takeover of Warner Bros. Discovery. 

In a letter sent Wednesday to FCC Chairman Brendan Carr, the lawmakers raised concerns about financing linked to sovereign wealth funds in Saudi Arabia, the United Arab Emirates, and Qatar, which are expected to help back the proposed $111 billion transaction.

“Foreign governments hostile to a free and independent press could exert unprecedented influence over a media conglomerate vital to American journalism and culture,” the senators wrote.

The letter was led by Sen. Maria Cantwell of Washington, the top Democrat on the Senate Commerce Committee, and co-signed by Sens. Edward J. Markey, Ben Ray Luján, John Hickenlooper, Andy Kim, and Elizabeth Warren.

Paramount Global asked the FCC for approval to allow foreign investors to hold as much as 100 percent of the equity in its broadcast television stations, well above the agency’s standard 25 percent foreign ownership cap under Section 310 of the Communications Act.

If completed, the merger would combine CBS’s 28 owned television stations with Paramount’s film and television businesses and Warner Bros. Discovery assets, including CNN, HBO, and Warner Bros. Studios.

The senators pointed specifically to investments tied to Saudi Arabia’s Public Investment Fund, entities linked to the UAE, and Qatar’s sovereign wealth fund. They also cited reports that China’s Tencent could become involved in the financing.

In their letter, the lawmakers questioned whether foreign investors could gain outsized influence over the combined company and asked what safeguards would be in place to protect editorial independence and prevent pressure over news coverage or programming decisions.

The senators also cited Reporters Without Borders’ 2026 Press Freedom Index, which ranks Saudi Arabia among the world’s worst countries for press freedom, as well as a 2021 U.S. intelligence assessment that concluded Saudi Crown Prince Mohammed bin Salman approved the operation that led to the killing of journalist Jamal Khashoggi.

They called for the matter to be reviewed by the full FCC commission and examined by Team Telecom, the interagency body that evaluates national security risks involving foreign participation in U.S. telecommunications and media infrastructure. The lawmakers requested responses to their questions by June 5.

Carr has said the FCC is seeking public comment on Paramount’s foreign ownership request. The deal is also expected to face scrutiny from the Committee on Foreign Investment in the United States.

The FCC approved the original Paramount-Skydance merger last year. The agency’s current review is focused on the expanded foreign investment structure tied to the proposed Warner Bros. Discovery acquisition.

A separate group of Democratic senators raised similar concerns in a letter sent in March. Neither the FCC nor Paramount Skydance immediately responded to requests for comment on the latest filing.