A group of Democratic senators is calling on the FCC to launch a formal foreign investment review of the proposed $110 billion merger between Paramount Global and Warner Bros. Discovery, warning of potential national security risks tied to overseas funding.
In a letter to FCC Chairman Brendan Carr, the lawmakers—led by Cory Booker and joined by Chuck Schumer, Dick Durbin, Elizabeth Warren, and others—said foreign-backed financing linked to China and Gulf states demands heightened scrutiny.
The merger would have Paramount acquire all outstanding shares of Warner Bros. Discovery at $31 per share, supported in part by $47 billion in equity from the Ellison family and RedBird Capital Partners. Additional investors have not been fully disclosed, though prior commitments reportedly include funding from sovereign wealth funds such as Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority, and Abu Dhabi-based L’imad Holding Company. Tencent Holdings is also reportedly weighing a smaller investment.
The letter raises particular concern about Tencent’s ties to the Chinese government and legal obligations to cooperate with state intelligence, as well as the role of Gulf sovereign wealth funds. Lawmakers specifically cited Saudi Arabia’s Public Investment Fund, controlled by Crown Prince Mohammed bin Salman, referencing U.S. intelligence findings tied to the 2018 killing of journalist Jamal Khashoggi.
Although the transaction does not directly involve broadcast license transfers, the senators noted that Paramount’s CBS stations remain subject to FCC foreign ownership limits. They also pointed out that the Committee on Foreign Investment in the United States could still review the deal voluntarily or initiate its own investigation.