Mumbai: Paramount Skydance is advancing plans to secure nearly $24 billion in funding from Gulf sovereign wealth funds as it works toward completing its proposed takeover of Warner Bros Discovery, according to a Wall Street Journal report.
The media company is in active discussions with a group of investors led by Saudi Arabia, with the kingdom’s Public Investment Fund expected to anchor the round with a commitment of around $10 billion. Other participants likely to join the financing include the Qatar Investment Authority and Abu Dhabi-based L’imad Holding, the report said.
The capital raise forms a crucial part of Paramount Skydance’s broader $110 billion acquisition of Warner Bros Discovery, a deal unveiled in February. The transaction carries an equity valuation of approximately $81 billion and is currently targeted for closure in the third quarter, subject to shareholder and regulatory approvals.
Importantly, the Gulf investors are expected to take non-voting stakes in the combined entity, a structure that may help avoid triggering reviews by key US regulators such as the Committee on Foreign Investment in the United States (CFIUS) and the Federal Communications Commission (FCC), according to the report.
The merger, if completed, would combine some of the most influential assets in global media, including CNN and CBS, positioning the unified company to better compete in an industry rapidly shifting from linear television to streaming platforms.
The deal follows a competitive bidding process earlier this year, where Paramount’s offer of roughly $31 per share ultimately outpaced a rival bid from Netflix. The streaming giant opted not to increase its offer, effectively clearing the path for Paramount Skydance to proceed with the agreement.
As the transaction moves forward, Warner Bros Discovery shareholders are set to vote on the proposal on April 23. The deal is also expected to face scrutiny from antitrust and competition regulators across the United States and Europe before it can be finalized.
If approved, the merger would mark a significant consolidation in the entertainment sector, granting Paramount Skydance access to Warner Bros Discovery’s extensive portfolio of film and television franchises while reshaping the competitive landscape of global media.
