FCC Commissioner Warns of National Security Risks in Paramount-Warner Bros. Merger Over 49.5% Foreign Ownership

Federal Communications Commissioner Anna Gomez has called for heightened scrutiny of foreign investment in Paramount Global’s proposed $11.5 billion merger with Warner Bros. Discovery, which would result in nearly half of the combined company being foreign-owned.

In a statement issued on Tuesday, Gomez—a Democrat and the only member of the FCC’s panel to oppose the deal—highlighted concerns over press freedom and national security. She emphasized the need for transparency regarding media ownership.

“The American public deserves to know who owns the airwaves that carry their news,” Gomez said. “I am alarmed by what appears to be an effort to rubber stamp a financial structure that places nearly half of one of America’s largest broadcast and media companies into the hands of foreign governments with documented records of press suppression and a troubling willingness to silence journalists.”

According to FCC disclosures, foreign investors would hold a 49.5% stake in the merged entity, including 38.5% tied to investment funds from Saudi Arabia, Qatar, and Abu Dhabi. Current FCC rules cap foreign broadcast license ownership at 25%, requiring the company to seek a declaratory ruling to exceed this threshold.

Gomez raised concerns about transparency, national security, and press freedom, stating:

“There are serious, unresolved questions about how this foreign investment may jeopardize national security, and this Commission has a legal obligation to answer them before handing wealthy friends of this Administration yet another Billionaire Buddy Bypass on a transaction that strikes at the heart of American journalism.”

Paramount Global has argued that permitting foreign investment above the statutory limit would benefit the public by expanding access to capital and enhancing competitiveness in broadcast TV and the broader video marketplace. The company also noted that the Ellison family would retain majority voting control and asserted that the proposed ownership structure does not pose national security, law enforcement, foreign policy, or trade concerns.

Gomez’s objections focus particularly on the Saudi Public Investment Fund, controlled by Crown Prince Mohammed bin Salman, citing the 2018 assassination of Washington Post journalist Jamal Khashoggi. Bin Salman has denied involvement in the killing.

The FCC is accepting public comments on the merger through May 27, with reply comments due June 11. Gomez has urged the commission to coordinate with national security agencies before approving the deal and to make foreign investment agreements publicly available.