Dem senators urge FCC to put Paramount-Warner Bros. Discovery merger on hold over foreign investor worries

Three Democratic senators are pressing the Federal Communications Commission to put the Paramount-Warner Bros. Discovery merger on hold while it reviews foreign ownership concerns, escalating pressure on the deal just as the agency remains the main federal hurdle to approval.

Cory Booker, Adam Schiff and Elizabeth Warren sent a letter urging FCC Chairman Brendan Carr not to allow the transaction to close before the commission completes a fuller review of the company’s ownership structure, according to reporting published June 20.

The senators said the deal raises national-security concerns because of foreign investment tied to the proposed combined company. Reporting has said investors linked to Saudi Arabia, the United Arab Emirates and Qatar could hold major equity stakes in the merged company.

Paramount has said foreign investors could own 49.5% of the company, but would not control voting rights, which the Ellison family would retain. The competing claims put the focus on how the FCC interprets foreign ownership rules for broadcast license holders.

Regulatory pressure builds

The senators’ request lands after the Justice Department already cleared the merger on antitrust grounds, leaving FCC review as the critical remaining federal step. That makes the commission’s process especially important for the fate and timing of the transaction.

The three lawmakers asked for action by July 1, according to the reporting. No new FCC response or procedural move was immediately identified in the available reporting.

Why the deal matters

The merger would combine CBS News and CNN under one corporate owner if approved, adding to concerns about media concentration and the control of major news brands.

Beyond the ownership question, the case has broader implications for how U.S. regulators assess foreign-backed investment in media companies that hold broadcast licenses. The senators are arguing that the reported structure should not be accepted at face value without a fuller review.

What happens next

For now, the key question is whether the FCC pauses its review, seeks more detail on the investors and governance rights, or lets the process continue.

Paramount may also respond with additional detail about its ownership structure, while other lawmakers or state officials could choose to add pressure before the senators’ requested July 1 deadline.

The merger is now at the center of a familiar regulatory fight: a large media combination, a foreign ownership challenge and a federal approval process that could determine whether the deal closes on schedule.