FCC lets Paramount sell 49.5% equity stake to Saudi Arabia, UAE, and Qatar

The FCC approved Paramount Skydance’s plan to sell a 49.5% equity stake to Saudi Arabia, the United Arab Emirates, and Qatar, allowing the company to exceed the 25% foreign ownership cap for broadcast license holders. Paramount, which owns CBS and operates 28 local CBS stations, filed a petition to waive the limit and will use the investment to help finance its $111 billion acquisition of Warner Bros. Discovery, which remains pending a U.S. lawsuit.