Paramount seeks FCC permission for Middle East ownership, WSJ reports

Paramount Skydance (PSKY) filed a petition to the Federal Communications Commission seeking permission for significant ownership by Middle East sovereign wealth funds, Jessica Toonkel and Joe Flint of Wall Street Journal report. Paramount said its proposed acquisition of Warner Bros. Discovery (WBD) would result in foreign investors indirectly owning nearly 50% of Paramount equity interests, the Journal notes. Current FCC rules prohibit foreign investors from owning more than 25% of a company that holds broadcast licenses, unless the commission determines it serves the public interest, the paper adds.