Will The $111b Warner Bros Deal Still Go Ahead After This Major Reveal?
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A recent court filing has revealed that Paramount plans to take Warner Bros Discovery up to nearly 50% foreign ownership in a step that might create a hiccup for the still pending merger. Gasp!
In the filing, Paramount has asked for a lift of the statutory limit on foreign ownership of Paramount’s US broadcasting. The Ellison-owned company requires billions of dollars in overseas financing predominantly from Middle East investors.
‘Warner Bros’ to rebrand as ‘Warner Habibi’
These investors were essential to winning the bidding war, with the major investment funds agreeing to provide $24 billion for the studio:
- Saudi Arabia’s Public Investment Fund: 15.1% of the company.
- L’Imad, an investment vehicle backed by Abu Dhabi sovereign wealth fund: 12.8%.
- The Qatar Investment Authority: 10.6%.
- My cousin Lawrence who threw in fifteen dollars.
- Other foreign funds, including some passive backers, which are below 10% so haven’t been exposed.
These investors won’t have voting shares, those remain with the Ellison family and RedBird Capital but it’s unclear how much influence they will have.
The Financial Times suggests it will “provide a boost to their soft power even without voting rights,” and “advances their goal of diversifying their economies away from oil and gas. Gulf states have poured hundreds of billions of dollars into sport, entertainment and tourism.”
The deal is likely to still go ahead with FCC Chair, Brendan Carr calling the merger a “good deal” but no doubt this development will add increased scrutiny for the already closely watched buyout.
And I know I’m watching, there’s just nothing good on Netflix right now.
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