Dem Senators Call on FCC to Pause Paramount-Warner Bros Deal on National Security Grounds
The senators say the merger should not close until a national security review is finished, citing 49.5% foreign ownership and Gulf sovereign wealth fund ties.
- On Thursday, Senators Cory Booker, Adam Schiff, and Elizabeth Warren urged FCC Chairman Brendan Carr to block the $111 billion Paramount-WBD merger from closing until the government completes its national security review of foreign investors.
- Current rules generally prohibit foreign entities from owning more than 25 percent of a U.S.-based entity controlling broadcast licenses, yet Paramount is requesting advance approval to potentially reach 100 percent aggregate foreign ownership.
- Financial disclosures show foreign investors would hold approximately 49.5 percent of the combined company, with about 38.5 percent controlled by sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi.
- Booker, Warren, and Schiff issued a July 1 deadline for Carr to formally notify Paramount that the transaction may not close while reviews proceed, also questioning Attorney General Todd Blanche's role.
- Paramount maintains the deal will not present national security concerns and that the Ellison family will control decision-making, though the senators argue the requested foreign ownership structure is unprecedented.
11 Articles
11 Articles
Senators Ask the FCC to Hold the Paramount Warner Bros. Discovery Merger Until Foreign Investment is Reviewed
Three Democratic senators have written a letter to the FCC, asking that they hold off on approving Paramount’s acquisition of Warner Bros. Discovery until the government completes a review of foreign investment in the company. Senator Cory Booker (D-NJ), Senator Adam Schiff (D-CA) and Senator Elizabeth Warren (D-MA) filed the letter on June 18, following an initial letter sent in March […] The post Senators Ask the FCC to Hold the Paramount Warn…
Dem senators call on FCC to pause Paramount-Warner Bros deal on national security grounds
Three Democratic senators are pressing the Federal Communications Commission (FCC) to halt a merger between Paramount and Warner Bros. Discovery, warning that the deal could pose a national security risk due to the involvement of foreign investors. Sens. Cory Booker (D-N.J.), Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) urged FCC Chairman Brendan Carr in a joint letter on…
Senators Urge FCC to Prevent Paramount-WB Merger From Closing During Pending Foreign Ownership Review
Three Democratic Senators are urging FCC Chairman Brendan Carr to prevent the $110 billion Paramount-Warner Bros. Discovery merger from closing until its pending foreign ownership review can be completed. Paramount has asked that the FCC allow foreign investors “in the aggregate to indirectly hold up to 100 percent of its equity and/or voting interests in light of routine fluctuations in publicly held equity interests and to account for potentia…
Democratic Senators Urge FCC to Block Closing of Paramount-Warner Bros. Merger Until Review of Deal’s Foreign Investment Concludes
Three Democratic U.S. senators are urging the FCC to prevent Paramount Skydance from closing its $111 billion merger with Warner Bros. Discovery until the government's national security review of the foreign investors in the deal has run its course.
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