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Democratic Senators Raise Alarm over Foreign Investment in Paramount ...
The senators say the proposed deal could give Saudi, Qatari and Emirati funds 38.5% of the combined company and raise press-freedom concerns.
- On Thursday, Senate Democrats sent a letter to FCC Chairman Brendan Carr, urging a 'rigorous and thorough review' of foreign investments in the proposed $111 billion Paramount-Warner Bros. Discovery merger.
- Paramount filed for FCC approval last month to permit up to 100% foreign equity ownership, disclosing that sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi would hold about 38.5% of the new company's equity.
- Led by Senate Commerce Committee ranking member Sen. Maria Cantwell, lawmakers warned the deal could grant foreign governments influence over major U.S. news outlets including CNN, CBS News, and 60 Minutes, citing an 'unprecedented degree of foreign control.'
- Democratic FCC Commissioner Anna Gomez has called for a 'rigorous review' of the foreign investment, while FCC Chairman Carr stated the agency is 'running regular course process' on the transaction.
- Senators also questioned the potential involvement of Chinese holding company Tencent, challenging Carr's impartiality by citing his 2024 opposition to foreign ownership stakes in TikTok and radio station transfers.
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Tulsa World+5 Reposted by 5 other sources
Senators worried about foreign investment in media merger
WASHINGTON — A group of six Democratic senators expressed serious concerns about planned foreign ownership interests, including from Gulf sovereign wealth funds, in the proposed $111 billion Paramount-Warner Bros Discovery merger.
·Tulsa, United States
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Democratic Senators Demand FCC’s Brendan Carr Conduct ‘Rigorous’ Review of Foreign Funding in Paramount-WBD Deal
A group of Democratic senators urged Federal Communications Commission chairman Brendan Carr to conduct a “rigorous and thorough review” of the foreign wealth funds helping to finance Paramount‘s deal to buy Warner Bros. Discovery, warning the funding could give countries like Saudi Arabia and Qatar an “unprecedented degree of foreign control of U.S. broadcasting.” “The scale, concentration, and scope of this proposal raise serious questions,” s…
·United States
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Coverage Details
Total News Sources17
Leaning Left4Leaning Right1Center7Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 33%
C 59%
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