The Federal Communications Commission has given the green light to a deal that will see Saudi Arabia, the UAE and Qatar invest heavily in Paramount Skydance, effectively giving them a 49.5% stake. This move could see one of America’s biggest media companies fall into the hands of some of the world's most controversial governments.

Paramount, owner of CBS and key players in the entertainment industry, will now be partly owned by sovereign wealth funds. The deal, worth $24 billion, includes a $10 billion investment from Saudi Arabia’s Public Investment Fund, with Qatar and Abu Dhabi also contributing $7 billion each. The funds are looking to merge their investments with Warner Bros. Discovery in a massive $111 billion deal, combining two of the world’s largest movie studios and streaming services.

FCC Commissioner Anna Gomez, a Democrat, expressed her concerns, stating that such a large investment in a major US media company could secure influence over content. ‘An investment this size in one of America’s biggest media companies doesn’t just buy equity, it secures influence over what gets said and what gets made,’ she warned.

This deal, which includes the acquisition of CNN and other TV channels, presents a complex blend of international trade and domestic regulation. The involvement of foreign governments in such a significant portion of the US media landscape raises questions about the future of media ownership and the potential for these investments to shape global narratives.