The US Federal Communications Commission approved Paramount's petition to allow sovereign wealth funds from Saudi Arabia, the United Arab Emirates, and Qatar to purchase large equity stakes in the company, raising its indirect foreign ownership to 49.5 per cent. This decision is significant because Paramount owns CBS and 28 local CBS stations, which normally require FCC approval if foreign ownership exceeds 25 per cent. The approval is controversial, with critics arguing that investments from governments with poor press freedom records could influence one of America's largest media companies.

The three sovereign wealth funds are investing approximately $24 billion in the proposed $111 billion merger between Paramount and Warner Bros. Discovery, with Saudi Arabia's Public Investment Fund contributing $10 billion and Qatar and Abu Dhabi's funds adding $7 billion each. The foreign investors will hold non-voting Class B shares, whilst the Ellison family and RedBird Capital Partners retain 100 per cent ownership of voting Class A shares, ostensibly preventing editorial influence. The FCC approved this through a staff-level Media Bureau decision rather than a full commission vote, a procedural choice that prompted criticism from the sole Democratic commissioner and Senate Democrats, who raised concerns about potential corruption and loss of media independence.