WASHINGTON, April 6 (Bernama-Sputnik/RIA Novosti) -- Three funds from Saudi Arabia, Qatar, and Abu Dhabi have backed Paramount's acquisition of Warner Bros. Discovery and are prepared to contribute US$24 billion, reported Sputnik/RIA Novosti quoting a Wall Street Journal report, citing sources.
Saudi Arabia's Public Investment Fund (PIF) has agreed to provide approximately US$10 billion, while the Qatar Investment Authority and Abu Dhabi-based L'imad Holding Co have joined PIF with separate financial commitments, the publication reported.
According to the newspaper, the Gulf investors will not have voting rights in the company. Therefore, their participation will likely not be subject to mandatory review by the Committee on Foreign Investment in the United States (CFIUS). It also likely will not attract the attention of the Federal Communications Commission (FCC), as each fund's stake will be less than 25 per cent.
In February, Warner Bros Discovery (WBD) reached an agreement to sell its assets to Paramount Skydance for US$110 billion. WBD's board of directors deemed the deal more favourable than Netflix's offer.
--BERNAMA-SPUTNIK/RIA NOVOSTI
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