Sen. Elizabeth Warren (D-MA) and Sen. Richard Blumenthal (D-CT) are calling on Treasury Secretary Scott Bessent to examine a Paramount–Warner Bros. Discovery transaction that includes foreign investors, even as the David Ellison-run company has said that one is not required.
The letter from Warren and Blumenthal was sent on December 4, before Paramount launched a hostile bid for WBD. But there already were reports that Middle East investors were being lined as part of the $108.4 billion offer.
In the letter, the two senators raised concerns that a Paramount-WBD transaction would potentially be “providing foreign entities with access to the sensitive personal data of millions of Americans and significant influence over what could be one of the nation’s largest media and entertainment conglomerates. Such a sale could pose risks to our national security and require a review by the Committee on Foreign Investments in the United States (CFIUS). Should such a deal be announced, we ask you to commit to carefully examining whether CFIUS review is required, and if so, to conduct a comprehensive and thorough review of the transaction.”
CFIUS is an interagency body that reviews foreign investments for potential national security risks. It is chaired by Bessent.
In a filing with the Securities and Exchange Commission, Paramount said that its offer for WBD would not be subject to clearance from CFIUS. The bid includes a $24 billion commitment from three sovereign wealth funds: Public Investment Fund (Kingdom of Saudi Arabia), L’imad Holding Company PJSC (Abu Dhabi) and Qatar Investment Authority (Qatar). Investors also include Affinity Partners, the investment fund of President Donald Trump’s son-in-law Jared Kushner.
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