FCC Approves Paramount Foreign Ownership Petition Up to 49.5% Ahead of Warner Bros. Deal
Summary
- The Federal Communications Commission approved Paramount's petition for increased foreign equity ownership.
- The ruling allows up to 49.5% foreign ownership upon completion of the Warner Bros. deal.
- Approval was necessary because Paramount owns 28 TV stations and the acquisition is backed by three Gulf entities.
According to Variety, the Federal Communications Commission (FCC) approved a petition on Thursday allowing Paramount to permit up to 49.5% foreign equity ownership upon the successful completion of its Warner Bros. deal. Regulatory review was triggered because Paramount currently owns 28 television stations, which subjects the company to strict limits that typically require FCC approval for foreign ownership levels exceeding 25%.
The regulatory approval clears a major hurdle for the corporate transaction, which is backed by three distinct Gulf entities. With the FCC greenlighting the ownership structure changes, Paramount moves closer to finalizing its agreement with Warner Bros. while adhering to American broadcast regulations.
More in this category