Paramount Skydance is in advanced discussions to secure nearly $24 billion in equity commitments from Gulf sovereign wealth funds to support its planned $110 billion takeover of Warner Bros. Discovery.
This, according to a Wall Street Journal report, is what could become one of the largest media mergers globally.
The proposed financing package is expected to be led by Saudi Arabia’s Public Investment Fund (PIF), which may contribute about $10 billion.
What they are saying
Other potential backers include the Qatar Investment Authority and Abu Dhabi-based L’imad Holding, sources familiar with the matter told The Wall Street Journal. The talks show growing Middle Eastern interest in global media assets as streaming reshapes the competitive landscape.
Paramount Skydance first announced in February that it had reached an agreement to acquire Warner Bros. Discovery in a deal valued at $110 billion, including an equity valuation of $81 billion.
The companies expect the transaction to close in the third quarter, subject to regulatory approvals and financing arrangements.
The involvement of sovereign wealth funds is seen as a strategic move to de-risk the transaction and provide long-term capital support without diluting control. According to the report, the Gulf investors are not expected to receive voting rights in the combined entity, a structure that could help ease potential regulatory concerns in the United States.
Paramount executives reportedly do not anticipate that the participation of the Gulf funds will trigger a review by the Committee on Foreign Investment in the United States (CFIUS) or the Federal Communications Commission (FCC), though regulatory scrutiny remains a key consideration for deals of this magnitude.
Neither Paramount nor the prospective investors have publicly confirmed the discussions.
What you should know
In December 2025, Nairametrics reported that Paramount had intensified its pursuit of Warner Bros. Discovery, submitting multiple offers as part of a long-running strategy to acquire the media company outright.
The report highlighted Paramount’s push to build scale amid intensifying competition in the global streaming market, even as its box office performance lagged rivals such as Disney and Universal.
The report also noted that Paramount’s access to deep-pocketed backing, including support from Oracle co-founder Larry Ellison, positioned it to undertake large, transformative acquisitions despite market pressures.
In March 2026, Nairametrics also reported that Tencent Holdings Ltd. was considering investing several hundred million dollars in Paramount Skydance Corp.’s acquisition of Warner Bros. Discovery, signaling renewed Chinese interest in one of the largest media consolidation deals in recent years.
According to sources cited by Bloomberg, Tencent would participate strictly as a passive financial investor if the deal proceeds, with discussions still ongoing and the structure yet to be finalized.
