FCC lets Paramount sell 49.5% equity stake to Saudi Arabia, UAE, and Qatar

Foreign ownership FCC lets Paramount sell 49.5% equity stake to Saudi Arabia, UAE, and Qatar FCC rejects concerns about repressive governments buying influence over CBS owner.

58 Credit: Getty Images | NurPhoto Credit: Getty Images | NurPhoto Text settings Story text Size Small Standard Large Width * Standard Wide Links Standard Orange * Subscribers only Learn more Minimize to nav The Federal Communications Commission yesterday approved Paramount Skydance’s plan to sell large equity stakes to the sovereign wealth funds of Saudi Arabia, the United Arab Emirates, and Qatar.

Under US law , companies with licenses to run broadcast stations need FCC approval to have direct or indirect foreign ownership exceeding 25 percent of the company’s stock. Paramount says its indirect foreign ownership will reach 49.5 percent after it receives investments from the sovereign wealth funds and filed a petition asking the FCC to waive the foreign ownership limit.