Sovereign wealth funds from Saudi Arabia, the UAE, and Qatar acquired non-voting equity in the Paramount-Warner Bros. Discovery merger following a ruling by the FCC. The approved ownership structure grants these investors 49.5% of non-voting shares, with Saudi Arabia's PIF taking 15.1%, the UAE's L'imad Holding 12.8%, and Qatar's sovereign fund 10.6%. The Ellison family and RedBird maintain 100% of the voting control.

The federal regulator allowed foreign financing to exceed 25% of the total, stating the arrangement serves the public interest. The transaction faces a trial in March and will incur a $7 million daily fee starting Oct 1 if it remains unclosed.