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FCC clears foreign-ownership review for Paramount’s merger with Warner Bros. Discovery

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The FCC cleared foreign-ownership review for the Paramount–Warner Bros. Discovery merger structure, allowing up to 49.5% foreign equity while conditioning any aggregate foreign voting interest above 25% on further approval. Governance is ring-fenced with the Ellison family and RedBird holding 100% of voting shares, reducing regulatory and national-security overhang. Near-term impact is mainly on deal-completion risk and media-sector sentiment rather than broad macro assets.
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The U.S. Federal Communications Commission has approved the foreign-investment review tied to Paramount’s proposed merger with Warner Bros. Discovery. Paramount disclosed that foreign ownership of the combined company would be 49.5%, including 38.5% from investment funds from Saudi Arabia, Qatar and Abu Dhabi. The FCC’s ruling adds conditions requiring permission if aggregate foreign voting interests exceed 25%. Paramount said that after closing, the Ellison family and RedBird will hold the largest equity stake and 100% of the voting shares, leaving other equity holders without governance rights.