Gulf Money Fuels Paramount's Warner Bros. Pursuit

Paramount Skydance has lined up about $24 billion from three Middle Eastern sovereign wealth funds to support its proposed acquisition of Warner Bros. Discovery (WBD) , according to a report dated April 6, 2026. The financing is tied to a transaction described as having an enterprise value of $111 billion.

The report said Saudi Arabia’s Public Investment Fund (PIF) committed around $10 billion. State-controlled funds from Qatar and Abu Dhabi were cited as providing the remainder of the roughly $24 billion package. The funding is intended to help facilitate Paramount’s takeover of WBD.

The deal remains subject to regulatory approvals. Both companies are expecting the transaction to close by the end of the third quarter of 2026, according to the same report. Separately, WBD shareholders are scheduled to vote on the merger on April 23.

The participation of foreign sovereign wealth funds has prompted attention in Washington. Seven Democratic U.S. senators have asked the Federal Communications Commission (FCC) to conduct what they described as a thorough review of the foreign investors involved in the financing. The lawmakers’ request adds a political dimension to a transaction already moving through standard approval processes.

In addition, Senators Elizabeth Warren and Richard Blumenthal criticized the Treasury Department for not initiating a national security review by the Committee on Foreign Investment in the United States (CFIUS) , according to the report. Their comments focus on whether the structure and participants in the financing should trigger a formal national security assessment.

Paramount Skydance has said the Middle Eastern funds will forgo governance rights and will own less than 25% of the combined entity. The company said it believes those terms would exempt the transaction from CFIUS jurisdiction and FCC review. That position, and whether regulators agree, is a key uncertainty as the deal progresses toward the targeted closing window.

Beyond the companies involved, the financing highlights how large cross-border pools of capital can become central to major U.S. media and entertainment transactions. The outcome of the regulatory and political scrutiny could shape how international sovereign investors participate in future U.S. deals, particularly where ownership thresholds and governance rights are central to the review framework.