Paramount Skydance announced that the merged Paramount-Warner Bros. Discovery will be 49.5% owned by foreign investors, with about 38.5 percent of the equity in the new company held by three Middle Eastern funds. The Public Investment Fund, the United Arab Emirates’ sovereign wealth fund, and the Qatar Investment Authority will own 10.6% equity. Paramount has previously stated that foreign investors backing its WBD takeover will not have board seats or voting shares. The deal still requires approval from the U.S. Justice Department and European regulators. Paramount is seeking a "declaratory ruling" from the FCC to permit foreign ownership in the Paramount-WBD entity.