Thank you so much to everyone who watched the live with Senator Cory Booker. Your presence, your questions, and your attention to this story mean everything. This is exactly the kind of issue that needs eyes on it, and you showed up—which is why he did. Thank you.
SPECIAL THANK YOU to the Rough Rider Tier, who have been the engine behind the Drey Dossier for $5/month. Truly, my gratitude is endless.
A little about this conversation…
What Is This Merger?
Paramount Skydance (the company formed after Skydance acquired Paramount in 2024) is buying Warner Bros. Discovery (WBD); the parent of CNN, HBO, Max, TNT, Warner Bros. Pictures, and Discovery for approximately $110.9 billion in cash.
If this deal closes, one single company will control:
CNN, HBO, Max, CBS, CBS News, Paramount+, TNT, TBS, Comedy Central, MTV, Nickelodeon, BET, Food Network, HGTV, Discovery, Cartoon Network, and more
Warner Bros. Pictures, Paramount Pictures, and New Line Cinema
59 cable networks and streaming platforms with over 200 million subscribers worldwide
Harry Potter, Game of Thrones, DC Comics, Star Trek, Mission: Impossible, SpongeBob SquarePants
WBD shareholders approved the deal on April 23, 2026. It is now awaiting U.S. (DOJ, FCC) and international (EU, UK, Canada) regulatory approval, expected to close Q3 2026.
The Numbers
Total purchase price ~$110.9 billion
Price per WBD share $31.00 (147% premium over its pre-deal price of $12.54)
Debt load of combined company ~$79 billion
Foreign investment from Gulf sovereign wealth funds ~$24 billion
Foreign ownership of new Paramount post-close 49.5%
Gulf sovereign funds’ share of equity alone 38.5%
Larry Ellison’s personal guarantee $40.4 billion
Oracle shares already pledged as collateral ~30% of Ellison’s total stake (~$69B in pledged value)
Netflix breakup fee Paramount already paid (Feb. 2026) $2.8 billion
Regulatory reverse termination fee owed if deal is blocked $7 billion
David Zaslav (WBD CEO) golden parachute Up to $887 million (shareholders voted against it — non-binding)
California state film tax credits received by WBD (March 2026) $127.9 million
The Foreign Entanglement
On April 27, 2026, Paramount filed with the FCC acknowledging that post-close, 49.5% of its equity will be foreign-owned — the majority from three Gulf sovereign wealth funds:
Saudi Arabia’s Public Investment Fund (PIF): ~$10–12 billion
Qatar Investment Authority (QIA): ~$6 billion
Abu Dhabi’s L’Imad Holding Company: ~$6 billion
Paramount says these investors hold zero voting rights and are purely passive — which is how they’re avoiding a mandatory CFIUS (national security) review. Critics, including Senator Booker and six other Democratic senators, have argued that passive status doesn’t eliminate soft-power influence, especially given Saudi Arabia’s record on press freedom.
Key Resources & Sources
Government & Official Filings
Paramount’s FCC Foreign Ownership Filing (April 27, 2026) — Reuters | Bloomberg Law | Hollywood Reporter
WBD Shareholder Vote Approval (April 22–23, 2026) — WBD official press release | BBC | NPR
Paramount Official Merger Announcement (Feb. 26, 2026) — Paramount press release | PR Newswire
How Reverse Breakup Fees Affect Antitrust Approval — Columbia Law School Blue Sky Blog
Netflix’s $5.8 Billion Breakup Fee analysis — The Regulatory Review
Congressional & Political Scrutiny
Senators Demand FCC Foreign Investment Review (March 23, 2026) — Variety | Hollywood Reporter | The Wrap | Deadline
Democratic Senators Call for National Security Review (Dec. 2025) — Deadline
Democratic Senators Slam Trump Administration Inaction — Yahoo News
DOJ Says Review Is Not Political (March 18, 2026) — Reuters
Foreign Investment Deep Dives
Persian Gulf Backers Invest $24 Billion — New York Times
Arab Sovereign Funds and Soft Power Concerns — Variety
Combined Paramount/WBD Will Be 49% Foreign-Owned — Media Play News | Deadline
Paramount Will Be 38.5% Owned by Middle Eastern Funds — Yahoo Finance
Tencent (China) Considering Investment — The Wrap | Media Play News
Saudi, Gulf States’ $24B — Is It Still On? — Business Insider
FCC Foreign Ownership Debate: Michael O’Rielly Says No Concern — Broadband Breakfast
Financing & Debt
Paramount Seals $49B Debt Commitments — Reuters | Deadline | Variety
Paramount Debt to Reach $79 Billion After Warner Bros. Deal — Yahoo Finance
Larry Ellison’s $40.4B Personal Guarantee — Yahoo Finance | CNBC | NY Post
Netflix Gets $2.8B As Paramount Pays WBD Termination Fee — Deadline
Executive Pay / Golden Parachute
WBD Shareholders Reject CEO David Zaslav’s $887M Golden Parachute — The Wrap | Media Play News | Deadline
CNBC: Zaslav Pay Highlights CEO “Golden Parachute” — CNBC
California / Labor Pushback
Entertainment and California Regulators Push Back — NPR
California AG Takes Swipe at Trump Over Deal — Yahoo Finance
Disney, WBD Nab $125M+ in California Tax Credits (March 2026) — Hollywood Reporter
European / International Regulatory Progress
Paramount Claims Early European Regulatory Progress — Deadline
