May 21, 2026

Warren, Cantwell, Lawmakers Sound Alarm on Foreign Government Investment in Paramount-Warner Bros. Megamerger: Caution FCC Against Secretive Approval of Waiver Request

“Foreign governments hostile to a free and independent press could exert unprecedented influence over a media conglomerate vital to American journalism and culture.” 

Text of Letter (PDF)

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), along with Ranking Member of the Senate Committee on Commerce, Science and Transportation Maria Cantwell (D-Wash.) and Senators Edward Markey (D-Mass.), Ben Ray Luján (D-N.M.), John Hickenlooper (D-Colo.), and Andy Kim (D-N.J.), pressed Federal Communications Commission (FCC) Chairman Brendan Carr to rigorously review Paramount’s request to allow the United Arab Emirates (UAE), Saudi Arabia, and Qatar ownership of Paramount’s equity to finance the $111 billion Paramount-Warner Bros. merger.

“The scale, concentration, and scope of this proposal raise serious questions,” wrote the senators.

The Communications Act prohibits companies with more than 25% foreign ownership from indirectly owning American TV and radio stations, and Paramount is seeking an FCC waiver from this requirement to allow its proposed megamerger with Warner Bros. to proceed. The FCC has never before allowed a sovereign wealth fund to hold a significant ownership stake of an American broadcaster.

This unprecedented request to the FCC would allow foreign nations in the Middle East to own 49.5% and potentially up to 100% of Paramount. If the filing is approved, Saudi, UAE, and Qatari investment funds, even as passive investors, could have significant influence over American news reporting and investigative journalism outlets, including CNN, CBS News, and 60 Minutes. These foreign entities could also gain sensitive information on Americans’ financial and other personal information, and their viewing habits.

The senators raised concerns that this degree of foreign control of U.S. foreign broadcasting would risk national security and threaten the independence of the American public and the media.

“Foreign governments hostile to a free and independent press could exert unprecedented influence over a media conglomerate vital to American journalism and culture,” concluded the senators.

To ensure full transparency, the senators demanded that the investment be considered by the full Commission rather than behind closed doors.

In addition to a thorough and rigorous review of Paramount’s foreign investment, the senators asked the FCC to provide a response to the following questions no later than June 5.

  1. Will you commit to a comprehensive review by Team Telecom, especially given the unprecedented risks to press freedom posed by the proposed equity investors?

  2. Will the Commission and Team Telecom specifically review Tencent’s role in the transaction and equity stake in Paramount?

  3. Will you commit to voting on Paramount’s request to raise its foreign ownership at the Commission level? If not, why?

  4. Do you believe that foreign ownership of between 49.5% and 100% of Paramount, contemplated by the filing, would mean that the Middle Eastern sovereign wealth investment funds would have effective control or influence over decision-making?

  5. What specific assurances have the Saudi, Emirati, and Qatari sovereign wealth funds, and Tencent, provided the Commission that they will not attempt to influence the editorial, journalistic, or content decisions at Paramount, either by suppressing reporting and creative content unfavorable to their governments or by promoting content that runs contrary to American interests or values? Please provide all related documents.

Senator Warren has led Congressional efforts to beat back against corrupt corporate consolidation:

  • In April 2026, Senator Elizabeth Warren (D-Mass.) joined Senator Cory Booker (D-NJ), Ranking Member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, in introducing legislation to restore integrity and independence to federal antitrust enforcement.

  • In April 2026, Senators Elizabeth Warren (D-Mass.) led her colleagues in requesting that the Department of Justice (DOJ) Acting Inspector General (IG) William M. Blier open a new, independent investigation into potential corruption involving the DOJ's antitrust-related activity.

  • In March 2026, in response to pressure from the Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, the Treasury Department dodged its responsibility to conduct a serious national security review of Paramount’s winning bid for Warner Bros.

  • In March 2026, Senator Elizabeth Warren (D-Mass.) pressed Attorney General Pam Bondi and White House Chief of Staff Susie Wiles on their role in Netflix abandoning its bid to acquire Warner Bros. Discovery (Warner Bros.) and whether political influence with the Trump administration helped Paramount Skydance (Paramount) win instead.

  • In December 2025, Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, pressed Scott Bessent, Treasury Secretary and Chair of the Committee on Foreign Investment in the United States (CFIUS), following reports that, if Warner Bros. were sold to Paramount-Skydance, the deal could be funded by foreign government investors, raising potential national security risks.

###