Senators Cory Booker (D-N.J.), Elizabeth Warren (D-Mass.), and Adam Schiff (D-Calif.) sent a letter to FCC Chair Brendan Carr on Thursday, urging him to prevent the $111 billion Paramount Skydance acquisition of Warner Bros. Discovery from closing while a national security review of the deal's foreign investors remains in progress.
The senators flagged that Saudi Arabia's Public Investment Fund, Qatar's sovereign wealth fund, and Abu Dhabi's sovereign wealth fund would collectively hold 49.5 percent of the merged company's equity, with approximately 38.5 percent owned directly by those three sovereign funds. In their letter, as reported by Variety, the senators asked "whether placing 49.5 percent of the equity in the parent company of CBS, CNN, and 28 broadcast television stations into the hands of three foreign governments serves the American public." Paramount has separately requested FCC approval for up to 100 percent foreign ownership of the combined entity.
The national security review is managed by the Committee for the Assessment of Foreign Participation in U.S. Telecommunications Services Sector and began on April 29, 2026. It could extend through late September, with an additional 90-day extension possible if risks are identified. The senators requested formal FCC notice by July 1 that the transaction cannot close during the review period.
The deal cleared a key hurdle on June 12, when the Department of Justice closed its probe and found the merger would not harm competition or consumers. WBD shareholders approved the transaction in April after Paramount Skydance's all-cash offer was deemed superior to a competing bid from Netflix. The merger, valued at $111 billion, is expected to close in the third quarter of 2026, pending final regulatory conditions.