Paramount Lines Up $20 Billion+ From Gulf States for Warner Bros. Mega-Deal, Report Says

So, here’s one for the 'wow, that’s a ton of money being thrown around' files: Paramount Skydance—run by David Ellison—is barreling ahead with plans to scoop up Warner Bros. Discovery. The kicker? They’ve reportedly managed to lock down north of $20 billion (yes, billion) in cash from investors in the Gulf region.

And when I say 'cash,' I mean gigantic checks from some of the heaviest hitters in the Middle East. According to the Wall Street Journal, the Saudi Public Investment Fund (that’s Saudi Arabia’s main piggy bank for investments) is leading the charge itself, supposedly willing to shell out somewhere around $10 billion. Not to be outdone, Qatar’s Investment Authority and Abu Dhabi’s L'imad Holding Co. are also rumored to be joining the party, with deals expected to close soon.

Who's Paying, Who's In Charge?

• Saudi Arabia’s Public Investment Fund: Around $10 billion
• Qatar Investment Authority: Amount undisclosed but in the mix
• Abu Dhabi’s L'imad Holding Co.: Also joining, finalizing their commitment

These investors won’t be running the show, though. They’ll get minority stakes in the new, merged media giant, but Paramount Skydance is setting this up so the Gulf crew won’t have voting rights. Nobody involved is supposed to own more than 25%, which is important for a couple reasons:

First, it dodges a mandatory federal review by a group called the Committee on Foreign Investment in the United States. Second, the Federal Communications Commission won’t give it extra scrutiny either. Basically, it’s a way to let the money flow without the usual mountain of government oversight that comes with big foreign investments in US media.

Biggest Price Tag on the Block

The numbers about this deal are, frankly, wild. The whole thing is pegged at an 'enterprise value' (that’s business-talk for 'what this behemoth is supposedly worth when you add up all the stuff and subtract debt') of roughly $111 billion. I know, my calculator started sweating too.

The merger is still pending, of course—it’s got to clear the regulators and the all-important shareholders. Warner Bros. Discovery is already planning to vote on it at a special shareholder meeting on April 23, 2026. But internally, there’s apparently hope that, assuming the red tape is sliced up fast, they could wrap this as early as July of that year.

Why Does It Matter?

The headline for regular people: Gulf wealth is pouring into Hollywood, but the folks writing the big checks are purposely steering clear of anything that would let Washington step in and block them. It’s a delicate dance, and one that’s going to draw all sorts of opinions (and probably some side-eyes from folks who don’t love massive foreign investments in US content companies).

In short: Paramount Skydance really wants Warner Bros. Discovery, and they’re pulling together some truly gigantic outside backing to get the deal done—while making sure they don’t trip any regulatory tripwires. If you thought media mergers couldn’t get any more complex, well, welcome to the increasingly global, and ridiculously expensive, world of Hollywood.

'The Gulf investors are expected to take minority stakes and won’t have voting rights. Each one stays under 25% to avoid government reviews.'

As ever: Stay tuned. This one’s far from over.