$24 billion from Saudi, Qatar and Abu Dhabi funds back Paramount Skydance Warner Bros deal

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• Who is backing the Paramount Skydance bid?
• How the financing was disclosed and who stayed silent
• Timeline and shareholder actions for the Warner-Paramount deal
• Political pressure and the antitrust review
• Questions over foreign investment and national security
• Shifts in other investor commitments
• Regulators weighing ownership thresholds and review triggers
• How the Ellisons’ financial role changes with Gulf support
• What to watch next as approvals and votes approach

The takeover bid to combine Paramount and Warner Bros. Discovery has gained fresh momentum after Paramount Skydance secured nearly a quarter-trillion dollars in pledged capital from Gulf sovereign funds and other backers. The new financing reshapes the deal’s makeup and intensifies scrutiny from regulators and lawmakers in Washington.

Who is backing the Paramount Skydance bid?

Paramount Skydance, led by David Ellison, has drawn major commitments from Middle Eastern state funds and global investors. The backing gives the consortium the cash needed to pursue the big-ticket acquisition.

• About $24 billion in commitments came from three Middle Eastern sovereign wealth funds.
• Saudi Arabia’s Public Investment Fund (PIF) is reported to be supplying roughly $10 billion.
• The remainder of the pledged amount comes from state-controlled funds in Qatar and Abu Dhabi.
• Chinese tech giant Tencent has also been tied to the bid as a funding partner at various points.

How the financing was disclosed and who stayed silent

Paramount Skydance provided details to regulators and in filings, but spokespeople have been reserved publicly. Media accounts and SEC documents filled in many of the specifics.

• Initial SEC filings mentioned the $24 billion aggregate from the three Gulf funds.
• A Paramount Skydance representative declined to comment on recent reporting.
• Public disclosures have tried to balance transparency with limits on operational detail.

Timeline and shareholder actions for the Warner-Paramount deal

The companies have set a clear series of dates and expectations as the transaction moves through approvals.

• Warner Bros. Discovery’s board accepted Paramount’s proposal after Netflix chose not to bid higher.
• Paramount’s winning offer stood at $31 per share when it was accepted.
• WBD scheduled a special shareholders meeting for April 23 to vote on the transaction.
• Both firms expect regulatory approvals and a deal close by the end of the third quarter of 2026.

Political pressure and the antitrust review

Regulators in the U.S. have signaled a cautious, politically charged approach to this megadeal. That increases uncertainty for closing timelines.

• The acting head of the DOJ antitrust division warned the review would not be expedited, citing political sensitivities tied to the Ellison family.
• Senators and watchdogs have urged federal agencies to scrutinize foreign financing tied to a major media combination.
• A group of seven Democratic senators asked the FCC to thoroughly examine the foreign backers supporting the bid.

Questions over foreign investment and national security

Paramount Skydance has taken steps to limit governance influence from its foreign investors. That approach is designed to steer the transaction clear of certain national security reviews.

• According to filings, the three Gulf funds agreed to accept non-voting equity and forgo any board seats.
• Paramount asserts that arrangement keeps the deal outside the jurisdiction of CFIUS, the Treasury-led review body.
• Despite that, prominent lawmakers have pushed for a CFIUS or FCC look, citing media ownership and strategic concerns.

Shifts in other investor commitments

Backer lists for the deal have shifted as parties reassessed strategic and regulatory risks.

• Tencent initially pledged $1 billion but was later reported to have paused its participation over ownership concerns.
• Recent reporting indicates Tencent returned as an investor with new funding, though details are limited.
• These changes reflect the ebb and flow of international investors facing regulatory scrutiny.

Regulators weighing ownership thresholds and review triggers

Officials are considering whether the size of any single foreign stake should prompt additional federal scrutiny.

• Journal reports say each Middle Eastern fund would own well under 25% of the combined company.
• Paramount executives reportedly believe those holdings won’t trigger an automatic FCC review.
• But lawmakers and some regulators remain skeptical and are urging formal examinations.

How the Ellisons’ financial role changes with Gulf support

The influx of sovereign funding reduces the equity burden on the Ellison family, while keeping their leadership central to the bid.

• Larry Ellison, co-founder of Oracle, had pledged up to $46.7 billion toward the acquisition.
• With Gulf commitments, the total equity Larry Ellison must provide will likely be smaller.
• David Ellison continues to lead the Skydance effort as the deal’s sponsor and public face.

What to watch next as approvals and votes approach

Investors, lawmakers and the public will be monitoring several moving parts in the months ahead.

• The outcome of the April 23 shareholder vote at WBD.
• Any formal inquiries from CFIUS, the FCC, or the DOJ’s antitrust division.
• Further shifts in investor commitments or new filings that reveal financial terms.
• How regulators weigh foreign, non-voting stakes against national security concerns.