The U.S. Federal Communications Commission has approved raising Paramount Global’s cap on foreign ownership to 49.5% to accommodate a post-merger structure in which foreign investors including Gulf sovereign wealth funds would collectively hold 49.5% of the combined company. Paramount said the Ellison family and RedBird Capital would hold 100% of the voting stock in the merged entity. The merger process is currently paused as an antitrust lawsuit filed by California and 11 other states moves forward.