Senate Democrats Urge FCC to Review Paramount-Warner Bros. Merger Over Foreign Investment Concerns
A group of Democratic senators, led by U.S. Sen. Maria Cantwell, is urging the Federal Communications Commission (FCC) to conduct a thorough review of the proposed $111 billion merger between Paramount and Warner Bros. Discovery. The senators have expressed concerns about the significant foreign investment involved in the deal, particularly from Middle Eastern sovereign wealth funds. According to a filing by Paramount, the merged entity would be 49.5% owned by foreign investors, with 38.5% of the equity held by sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi. The senators argue that this level of foreign ownership could allow foreign governments to exert influence over major U.S. media outlets, including CNN and CBS News, which could pose a threat to American journalism and culture.