Paramount Asks FCC to Bless Foreign Funding in Warner Bros. Deal

Paramount Skydance Corp. asked the Federal Communications Commission to sign off on a funding structure for its acquisition of Warner Bros. Discovery Inc. that includes more than a third of the company’s equity coming from Middle East government entities.

Paramount, the parent of CBS, MTV and its namesake film studio, is raising $24 billion from three Middle Eastern sovereign wealth funds, money that will amount to about 38.5% of the equity in the new company, according to a filing.

Saudi Arabia’s Public Investment Fund, the UAE’s L’imad 1st Holding Co. and the Qatar Investment Authority won’t have voting ...